Business News

Sava Reduced Loss by a Third in 2012

Kranj, 28 March (STA) - The conglomerate Sava posted a net loss of EUR 99.2m for 2012, down from EUR 157m in the year before, on sales that were down 1% to EUR 192.2m. After having sold off core assets last year, the company said Thursday it planned to improve results in 2013.

Sava last year sold its core rubber making subsidiary and a number of properties to reduce its debt to focus on finance and tourism, but the figures for 2012 still include all of its businesses.

The 2012 loss is principally a result of impairments worth EUR 85.4m, as Sava revalued its interests in the banks Gorenjska banka and Abanka as well as financial firm NFD Holding.

The core company projects a EUR 14.8m net profit for 2013 on the back of a EUR 23.5m profit it will book from the sale of rubber division Savatech, but at group level a EUR 11.5m loss is expected. Group sales are projected to top EUR 73m.

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