Unaudited part of consolidated loss of Invalda AB group for 2008, attributable to shareholders of Invalda AB, is 86.24 mln. LTL (24.98 mln. EUR), the net profit of Invalda AB for the same period totaled to 8.3 mln. LTL (2.4 mln. EUR).
The result was influenced by the loss-making activity of financial sector, bigger than planned decrease of investment property, and also, making additional allowances of 32 mln. LTL (9.27 mln. EUR), after the management of the company conservatively assessed the asset value. The allowances negatively influenced Invalda AB result, which still remained positive.
“This year will be also complicated for the world’s and region’s economic, so further on we intend to keep actively operating in reorientating businesses and adjusting to changed environment. However, like we already announced, we started corresponding actions last year – restructuring loans porfolio, decreasing liabilities, optimising separate businesses, also we sold part of the assets, discontinued a few loss-making activities in foreign markets. We expect to see the result of these implementations even this year.” – said Invalda AB president Darius Šulnis.
About the Invalda financial group
The Invalda financial group focuses on asset management as well as private and investment banking. The asset management activity currently concentrates on finance, real estate, pharmacy, furniture manufacturing and roads and bridges construction. Activities of Invalda mostly cover Central and Eastern European countries. The main goal of Invalda financial group is successful development of activity with orientation to long-term stable growth and ensurance of high financial return to the shareholders.