Logistics Group Intereuropa Increases Sales by 11%, But Still Has Losses

By , 09 Mar 2018, 09:38 AM Business
Logistics Group Intereuropa Increases Sales by 11%, But Still Has Losses intereuropa.si

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1.6m net loss on 150m in sales for 2017. 

STA, March 9, 2018 – The logistics group Intereuropa generated EUR 150m in sales revenue last year or 11% more than in 2016 and 5% above plans. It nevertheless ended 2017 with a loss due to revaluation of fixed assets. The core company meanwhile bounced back from a notable loss in 2016 to a slight profit.

The group made a EUR 1.6m net loss last year, which is close to the figure in 2016, when the loss was blamed on income tax.

Last year's result is meanwhile attributed to revaluation of fixed assets, mostly real estate, Intereuropa said in a press release on Thursday.

The group generated EUR 13.2m in earnings before interest, taxes, depreciation, and amortisation (EBITDA), which is close to the result in 2016, and continues to reduce its indebtedness.

Net financial debt was down last year by EUR 6.4m or 9% to stand at EUR 67.1m at the end of December.

The core company Intereuropa, which made a EUR 3.5m loss in 2016, posted a EUR 340,000 profit last year.

Intereuropa is in a majority ownership of a consortium of banks (72.13%), which had been trying to sell it for years, but abandoned the plan in March 2016 after talks with the Czech-Maltese firm Tuffieh Funds failed.

According to the business daily Finance, the owners have recently started the sale procedure anew, picking PricewaterhouseCoopers as the adviser.

Unofficially, the national postal company Pošta Slovenije is an interested buyer.

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