After revising current and forecasted group results and the main assumptions necessary to evaluate Invalda’s investment activity’s influence for the group results the Board of Invalda AB retracts earlier announced forecasts for 2008.
According to D. Sulnis, earlier announced forecasts are retracted because of changed of evaluation assumptions. “The Board of Invalda evaluated the loss of the financial sector companies, also considered the unaccomplished planned real estate deals and the possible lower value of investment assets after the reappraisal which will be made at the end of the year. We assume that mentioned actions will have negative impact to the consolidated Invalda group result. It is presumed that consolidated result of this year could be negative and net consolidated loss could reach up to 30 mLTL”, – says D. Sulnis.
The company forecasted net consolidated profit of Invalda group for 2008 to be 127 mLTL, part of net profit attributable to shareholders of Invalda AB – 121.8 mLTL.
“Present situation of finance markets and the economic situation of Lithuania are not favourable to a business. It also had direct impact on the Invalda group activity. We strive to adjust quickly to the changing circumstances, to reorientate activity of our companies. The new circumstances open new opportunities, but to use them in the completely different environment we have to adapt quickly. We expect to see the results of our actions soon”, – Darius Sulnis, the president of Invalda, says.
Part of consolidated unaudited net profit attributable to the shareholders of Invalda AB for 9 months of 2008 amounts to 43.4 mLTL, comparing with the results of 9 months of 2007, when net profit was 40.3 mLTL. Net consolidated unaudited profit of Invalda group companies for 9 months of 2008 reaches 41.5 mLTL, the same period 2007 it was 47.3 mLTL.
About the Invalda financial group
The Invalda financial group focuses on asset management as well as private and investment banking. The asset management activity currently concentrates on finance, real estate, pharmacy, furniture manufacturing and roads and bridges construction. Activities of Invalda mostly cover Central and Eastern European countries, but the company constantly seeks investment opportunities in close regions. The main goal of Invalda financial group is successful development of activity with orientation to long-term stable growth and ensurance of high financial return to the shareholders.