Saga Furs Oyj Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended February 29, 2012
April 25, 2012
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Saga Furs Oyj announced unaudited consolidated earnings results for the second quarter and six months ended February 29, 2012. For the quarter, the company reported net turnover of EUR 9,873,000 against EUR 8,912,000 a year ago. Operating loss was EUR 3,698,000 against EUR 1,563,000 a year ago. Loss before tax was EUR 2,718,000 against EUR 886,000 a year ago. Net loss for the reporting period was EUR 2,169,000 or EUR 0.60 per basic share against EUR 670,000 or EUR 0.19 per basic share a year ago. Return on equity was negative at 3.3% compared to 1.2% a year ago.
For the six months, the company reported net turnover of EUR 19,736,000 against EUR 19,275,000 a year ago. Operating profit /loss was EUR 2,063,000 against operating profit of EUR 1,087,000 a year ago. Profit before tax was EUR 420,000 against EUR 2,527,000 a year ago. Net profit for the reporting period was EUR 150,000 or EUR 0.04 per basic share against EUR 1,856,000 or EUR 0.52 per basic share a year ago. Net cash outflow from operating activities was 20,586,000 against EUR 90,000 a year ago. Investments in tangible and intangible assets were 2,408,000 against EUR 1,285,000 a year ago. Return on equity was 0.2% against 3.3% a year ago. Return on investment was 0.8% against 3.2% a year ago.
Saga Furs Oyj is a Finland-based auction house for the fur and fashion related industries. The Companyâs product portfolio comprises raw fur skins, including mink, fox, finnraccoon and karakul lamb, which are primarily sold at the Companyâs international fur auctions. The Companyâs products are categorized under five divisions: Saga Furs Selection, Grading System, Saga Labels, Certified Collection, and Karakul and others. The Company offers furs from European farms. In addition, the Company organizes seminars, related to fur design techniques, for students and teachers of design, fashion editors, furriers and clothing manufacturers, among others. The Companyâs partners range from fur breeders and suppliers on the one side, to clothing manufacturers and fashion houses on the other.