February 16, 2017 / 2:51 PM / 5 months ago

BRIEF-Arco Vara FY 2016 net result swings to loss of 0.8 mln euros

1 Min Read

Feb 16 (Reuters) - Arco Vara AS:

* FY 2016 turnover at 9.7 million euros ($10.33 million)versus 10.7 million euros year ago

* FY 2016 net loss at 0.8 million euros versus profit of 0.5 million euros year ago

* Net cash on Dec. 31, 2016 at 0.8 million euros versus 0.7 million euros year ago

* CEO says the full year’s results were damaged by Q4 when it did not sell anything out of its almost empty stock

* CEO says it made substantial mistakes with the offices on Madrid Blvd, amounting to more than 0.8 million euros

* CEO says objective of 2017 is to earn revenue of at least 18 million euros and net profit of at least 1.8 million euros

* CEO says by the end of 2018, objective is to earn at least 20 million euros and make a net profit of at least 2 million euros

Source text :bit.ly/2lP2owY

Further company coverage: ($1 = 0.9391 euros) (Gdynia Newsroom)

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