Textile group Varteks cuts loss by 74% y/y in Jan-Sep.
Textile group Varteks cuts loss by 74% y/y in Jan-Sep. The textile group Varteks announced that its consolidated net loss declined by 74% y/y to HRK 4.7mn (EUR 0.6mn) in Jan-Sep. The total revenues of the group increased by 2% y/y to HRK 320.6mn while total expenses dropped by 2.1% y/y to HRK 325.1mn. In Q3 alone, the group posted a profit of HRK 1.1mn, which represented a marked improvement as compared to the loss of HRK 5.7mn in the same period last year. The parent company Varteks posted a loss of HRK 1.9mn in Jan-Sep, which was eight times less than the negative result a year ago. The total revenues of the company remained virtually unchanged at HRK 309.1mn while total expenses fell by 4.5% y/y to HRK 311mn. Exports amounted to HRK 145.2mn in Jan-Sep, and the largest share was to UK (EUR 4.9mn) while the largest growth, of 93.5% y/y to EUR 2.1mn, was registered with Sweden .