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Financial Group – Valartis reduces the loss News

Tuesday, August 29th, 2017 | Economy

Valartis increased its earnings to CHF 4.4 million from 2.1 million in the previous year. Management Services' profit increased to 1.9 million from 1.6 million. On the other hand, the net success of investment companies fell to 1.4 million from 1.8 million. The profit from associated companies amounted to 0.1 million after a loss Of 0.7 million in the previous year. The remaining ordinary income was 1.0 million after -0.5 million in the first half of 2016.
The cost of business declined to EUR 5.9 million from EUR 10.5 million, mainly due to the discontinuation of consultancy costs. At EBIT level, the loss amounted to EUR 1.8 million (previous year: EUR -8.6 million).
Financial income reduced to 0.7 million from 4.3 million. The company mentions the low market rates, the lack of attractive reinvestment opportunities for bonds and market corrections as reasons for the reduction. Financial expenses on the other hand rose to 3.3 million euros due to exchange rate adjustments.
This resulted in a loss of the continuing business divisions of 4.5 million after 6.8 million in the previous year. The discontinued operations resulted in a profit contribution after tax of 4.3 million from the sale of the shares in the associated company building owner Rathausstrasse Wien. The previous year had resulted in a loss contribution of 39.7 million.
Consolidated net income amounted to -0.2 million compared to -46.5 million in the first half of 2016.
The outlook is that the structure of the group is aligned with the new circumstances, which requires further adaptations in the organization and infrastructure. In strategic and tactical terms, the focus is on the establishment and management of participations for the second half of the year.
The financial group has been in great financial difficulties in recent years. After selling under pressure from subsidiaries in Austria and Liechtenstein, it was considered as a rehabilitation in November of last year. The Cantonal Court of Zug subsequently rescinded the moratorium.
(AWP)

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