June 29, 2020 / 6:04 AM / 11 days ago

BRIEF-Rainbow Tours Says Write-Downs To Lower 2019 Net Profit To 28.6 Mln Zlotys

June 29 (Reuters) - Rainbow Tours SA:

* SAID ON SATURDAY IT HAS RESOLVED TO BOOK WRITE-DOWNS WHICH WILL AFFECT THE COMPANY’S 2019 RESULTS IN THE TOTAL AMOUNT OF 9.3 MILLION ZLOTYS

* THE WRITE-DOWNS WILL DECREASE COMPANY’S 2019 CONSOLIDATED NET PROFIT TO 28.6 MILLION ZLOTYS FROM 37.8 MILLION ZLOTYS ESTIMATED ON MARCH 30

* 2019 EBITDA WILL BE DECREASED TO 56.1 MILLION ZLOTYS FROM 68.9 MILLION ZLOTYS

* 2019 OPERATING PROFIT WILL BE DECREASED TO 38.8 MILLION ZLOTYS FROM 51.6 MILLION ZLOTYS

* THE WRITE-DOWNS HAVE BEEN BOOKED ON THE VALUE OF RECEIVABLES FROM THE SALE OF SERVICES TO COMPANY’S CLIENTS WHO ANNOUNCED BANKRUPTCY AND RECEIVABLES WHICH WILL LIKELY NOT BE RECOVERED

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Further company coverage: (Gdansk Newsroom)

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