Flamingo losses rise five-fold in Q1

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Flamingo Co. reported in the first quarter of 2009 losses of 13.323 million lei, almost five-fold higher than the ones in the similar period of 2008, according to data remitted to Bucharest Stock Exchange (BVB).

Company turnover dropped some 30 percent as against the first three months of 2008, amounting to 168.623 million lei. Total company revenues amounted to 169.035 million lei, from 239.414 million lei in the first three months of 2008, and spending to 182.358 million lei compared to 242. 193 million lei.

Company debts stood at 213.973 million lei on March 31, and the debts to be recouped at 187.573 million lei.

Flamingo Co. has provided in its consolidated budget for 2009 a net profit of 10 million lei, at a turnover estimated at 606.1 million lei.

As well, the group estimates that in 2009 it will implement investments in the value of approximately 8.9 million lei, mainly generated by the store re-arranging plan.

Flamingo International operates on the market in Romania since 1994, and has as its main activity object retail of IT&C products, electronics and home appliances. Starting 2005, Flamingo International has floated its shares on Bucharest Stock Exchange.

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