Simpo Vranje-based company announced yesterday consolidated results for the first six months of the year . Total operating revenues dropped to 2.64 billion of dinars, down 12 % compared to the same period last year . Net losses were up to 981 million of dinars and are tripled compared to 322 million as recorded in the first six months of 2012.
The Serbian government at its session held late last month approved a short-term interest-free loan of 1.5 billion, which Simpo used to fully repay the debt in respect of contributions to the Pension and Disability Insurance Fund and in turn the management of the furniture manufacturers accepted the proposal of the former Minister of Finance and Economy Mladjan Dinkic to convert the tax debt of the company into the shares , with which the state Serbia became the majority shareholder with 70 percent of the capital .
[widgets_on_pages id=”Baner”]
The ownership structure of Simpo is: small shareholders have a 52 percent of share. Simpo market capitalization at yesterday's price of 150 dinars amounts to 159 million dinars.
