Estonia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 16:59

Ekspress Grupp earns 0.5 mln euros in Q2

BC, Tallinn, 03.08.2015.Print version
Estonian media and publishing company Ekspress Grupp informed the Tallinn Stock Exchange that in the 2nd quarter of 2015, the group’s EBITDA totalled EUR 1.5 million and net profit totalled EUR 0.5 million, informs LETA.

The quarter’s result was impacted by the extraordinary loss of EUR 1.1 million related to the arrangement of the exhibition of the voyage of M/S Titanic. After elimination of this one-off loss from the group’s result, its EBITDA from the main operations totalled EUR 2.6 million and net profit totalled EUR 1.6 million in the 2nd quarter. As compared to the same period last year, EBITDA and net profit from the main operations were 11.7% and 14.6% lower, respectively. On a normalised basis, the Group’s EBITDA from the main operations in the first half of the year was 6.4% lower and net profit was 9.3% lower than last year. The company said that it failed to match the last year’s result in the main operations primarily due to weaker profit of the printing company and Lithuanian media company. These figures also include 50% of the results of the joint ventures.

 

Ekspress Grupp said that the loss related to Titanic exhibition was caused by extremely weak ticket sales. As compared to the exhibition arranged in Tallinn, the number of tickets sold per capita was five times lower in Riga than in Tallinn. Wishing to repeat the success of Titanic exhibition in other cities in the Baltics, the company had prior to the exhibition in Riga also acquired the rights to arrange the same exhibition in Vilnius. However, due to the failure of Riga’s exhibition they decided to waive this right. Already paid license fee was not refunded. The group’s results of operations in the 2nd quarter include the loss of exhibitions in Riga and Vilnius in the total amount of EUR 1.1 million.

 

After elimination the loss of EUR 1.1 million from the entertainment business, in the 2nd quarter the EBITDA of the group’s subsidiaries calculated under the equity method was 16% lower and revenue was almost 10% lower than a year ago.

 

The group's sales formed EUR 15.998 million in the second quarter versus 16.07 million a year ago.

 

Ekspress Grupp said that it expects a more positive result in the third quarter as compared to the first half of the year.






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