Baltic States – CIS, Estonia, Markets and Companies
International Internet Magazine. Baltic States news & analyticsThursday, 09.09.2010, 15:45
Olympic Entertainment Group saved 660.8 mln kroons on operations' optimization in 2009
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The savings are going to be booked in 2010, writes LETA.
OEG non-recurrent expenses totaled 96.8 million kroons in the fourth quarter of 2009. Reevaluation of investment property in Lithuania has caused non-recurrent costs in amount of 18.9 million kroons and fixed assets removal from operations due to casinos closures – in amount of 14.1 million kroons.
Value of intangible assets has been decreased by 21.9 million kroons. Provisions connected with closed casinos rent agreements termination amounted to 11.1 million kroons. In addition, assets that were no longer expected to be utilized, were sold in the last quarter of 2009, which has caused sales losses of 29.9 million kroons.
During last three months OEG has additionally reduced personnel by 113 employees, and related costs amounted to 0.9 million kroons.
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