19 August 2009
Flamingos first-half sales down 45%
Flamingo International, Romania’s second largest electronics retailer said its first-half turnover dropped 45% in the first six months though June to 187 million lei (44.3 million euros), from 340 million lei a year earlier.
“Financial indicators reflect the situation of both the local and European market. Electronics market dropped 45% in Romania, the decline being exceeded by Ukraine only”, said Stefan Treiber, CEO Flamingo International.
The group expects no financial loss in the second half of the year, on 30% YoY spending cut operated in June 2009.
Yesterday, Flamingo shareholders agreed to raise capital by issuing 29-mn lei convertible bonds into stocks. The issuing stands above the current 5.7 million euro stock market cap of the retailer.
The group expects no financial loss in the second half of the year, on 30% YoY spending cut operated in June 2009.
Yesterday, Flamingo shareholders agreed to raise capital by issuing 29-mn lei convertible bonds into stocks. The issuing stands above the current 5.7 million euro stock market cap of the retailer.