Business News

Unior Ends 2013 with Loss due to Write-downs

Zreče, 31 March (STA) - Unior, the tooling and tourism group, posted a net loss of EUR 3.5m for 2013 due to significant write-downs, an improvement on the EUR 15m loss in 2012.

Write-downs totalled EUR 5.1m, of which EUR 4m is attributed to the company's interest in Banka Celje, according to unaudited results released on Monday.

Sales revenue rose 6.8% to EUR 166.5m and operating expenses dropped 3.9% to EUR 161.5m, the company said.

The company completed financial restructuring last year revolving around a deal with creditors to halve its financial debt to EUR 71m by the end of 2019.

"This strategy provides a solid basis for improvements in operations," the company said in a press release.

Unior is among the companies slated for privatisation. A majority stake owned by para-state funds and state-controlled companies will be put up for sale.

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