Artman SA registers 400% increase in net profits

22 Sep '08

3 min read

After two quarters of 2008, Artman SA recorded a net profit increase to the amount of EUR 2.5 million by increasing it by 400 percent, compared to the first half of 2007 (EUR 0.5 million). Net income calculated cumulatively reached EUR 133.3 million, increasing by 21 percent.

Compared to the first six months of 2007 and operating income - rose to EUR 4.3 million to 2.3 million PLN. The management of the company reiterated its forecast of aiming to develop in 2008, EUR 360 million of the proceeds of the sale and EUR 16 million net profit.

After two quarters of 2008, Artman SA recorded a net profit increase to the amount of EUR 2.5 million by increasing it by 400 percent, compared to the first half of 2007 (EUR 0.5 million).

Net income calculated cumulatively reached EUR 133.3 million, increasing by 21 percent, compared to the first six months of 2007 and operating income - rose to EUR 4.3 million to 2.3 million PLN.

The management of the company reiterated its forecast of aiming to develop in 2008, EUR 360 million of the proceeds of the sale and EUR 16 million net profit.

In the second quarter we completed work on the concept of a new brand MOHITO - it debuted on the market in August. The first sitting of the brand was created in the gallery Podlaskiej in Bialystok, and the end of 2008 we plan to run about 20 corporate salons - said Grzegorz Koterwa, Member of the Board Artman SA

Clothing and accessories Mohito are aimed at women aged between 25 and 35 years of age. Until the end of 2010 Mohito is to have 80 stores mainly in Poland, but also in other countries of Central Europe - Eastern Europe.

The offer will be similar to international brands such as Zara and Promod, and salons located in prestigious locations of large cities.

We expect this year to around 10 million of revenue in 2008 with brand new shops, while in the costs of opening and market new brands invest in 2008 approximately 9 million, of which about 3 million, charge a direct result of financial 2008. Profits from the new network will already be felt in the first half of next year - Grzegorz Koterwa adds.

After the half-year sales network covering 212 House parlor, with a total area of 41 158 m2 in the halls, including 123 in Poland and 89 showrooms abroad: in Russia, Ukraine, Belarus, Lithuania, Latvia, Estonia, Slovakia, the Czech Republic, Germany and Romania.

In the second quarter, the company has launched 10 parlor with a total area of almost 2 500 m2, including 4 in Poland and 6 abroad.

The report for second quarter 2008 is the first financial report prepared by the company on the basis of International Accounting Standards.

According to the agreement signed in June an investment 100 percent, buy shares in September LPP SA for a total price of EUR 394.8 million.

Artm call for shares to be announced September 15, at a price of EUR 92.65 per share. Existing shareholders of the company Artman SA acquiring up to 40 thousand. LPP shares newly issued at a price 2 350 PLN per share.

Artman SA

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