Business News

Sava Incurs EUR 12.5M in Group Net Loss in H1

Kranj, 31 August (STA) - The group around Sava, a chemicals, tourism and real estate conglomerate, made EUR 12.5m in net loss in the first half of 2012, compared to EUR 20.2m in the same period last year. Group sales revenues meanwhile stood at EUR 96.6m, up 3% year-on-year, according to a report published on Friday.

The supervisory board which held a meeting yesterday meanwhile said that Sava's subsidiaries operated well and in line with the commitment to further improve group operations.

The board also established that the half-year results were greatly affected by the unfavourable circumstances on the capital markets.

Operating profit of the group stood at EUR 3.8m in the first six months, which is a EUR 1.3m improvement over the first half of 2011. Total profit of affiliated companies amounted to EUR 2.8m, up 82% from last year and 16% above plans.

The core company meanwhile incurred EUR 7.6m in net loss on EUR 9.7m in financial revenues, a significant decrease from last year, according to Sava. Impairments of investments stood at EUR 3.9m.

Sava's total debt decreased by EUR 12.9m to EUR 296.4 at the end of June, while the group's debt stood at EUR 361.8m, down EUR 9.5m at the end of 2011.

The supervisory board also discussed the implementation of the business and financial restructuring strategy, getting acquainted with reprogramming negotiations with banks, the activities in line with the planned sale of the rubber division and the course of a capital increase at the Abanka Vipa bank.

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