Business
accountingWesta in nine months posts 7.4-times rise in net loss
Westa ISIC (Luxembourg), the holding company of a large battery manufacturer, Westa (Dnipropetrovsk), in January-September 2014 saw a $112.94 million net loss, which was 7.4 times more than in the same period of 2013.
According to a company report posted on its website, the main reason for such a result was the negative foreign exchange rate difference - $87.918 million, while in the same period last year the figure was $520,000.
At the same time, due to other revenue, the consolidated loss of Westa was smaller - $76.387 million.
The company's revenue in January-September 2014 decreased by 2.7 times compared to January-September 2013, to $26.82 million, gross profit - by 3.5 times, to $3.891 million, and EBITDA – by 2.9 times, to $3.432 million.
Westa noted that battery production during this period decreased by almost 54%, to 950,000 units, and sales fell by 50.5%, to 1.057 million units due to a low market demand.
Source: Interfax-Ukraine
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