Avangardco Investments Public Limited Announces Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2016; Reports Impairment Charges for the First Quarter Ended March 31, 2016
Avangardco Investments Public Limited announced consolidated earnings and operating results for the first quarter ended March 31, 2016. For the period, the company reported revenue of $39,839,000 against $72,426,000 a year ago. Profit from operating activities was $5,302,000 against $160,000 a year ago. Loss before tax was $3,905,000 against $52,162,000 a year ago. Loss for the period was $3,974,000 against $52,179,000 a year ago. Loss for the period attributable to owners of the company was $4,020,000 or $1 per basic and diluted share against $51,713,000 or $8 per basic and diluted share a year ago. Net cash generated from operating activities was $1,988,000 against net cash used in operating activities of $3,356,000 a year ago. EBITDA was $9,566,000 against $6,357,000 a year ago. Net debt amounted to $317.0 million.
For the quarter, total production was 627 million pieces against 1,051 million pieces a year ago.
For the quarter, the company reported impairment of current assets of $489,000 against $7,704,000 for the same period a year ago.