Business News

Logistics Group Reports EUR 50M Loss on Write-Downs

Koper, 01 March (STA) - Logistics group Intereuropa reported a EUR 50.3m loss for 2009 on Monday, blaming the slide into the red on write-downs on its investments.

According to the group's unaudited results, write-downs for 2009 amounted to EUR 50.8m. The group made a profit of EUR 3.6m in 2008.

The results were reviewed on Monday by the supervisory board of the group, which announced Intereuropa would return to profitability this year.

The biggest write-down in 2009 is associated with Russian subsidiary Intereuropa East, which contributed EUR 35m in impairments. Write downs were also registered for the parent company (EUR 14.3m) and Intereuropa Ukrajina (EUR 4.6m).

The group's sales fell by 27% to EUR 193.9m as a result of the economic slowdown, but the group managed to neutralise most of that by cutting direct costs by a third.

Intereuropa plans to make a profit of EUR 6.7m on revenues of EUR 200m this year.

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