NETHERLANDS: Gamma Holding in 1H loss despite fabrics sales gain
Textile group Gamma Holding recorded a first half loss of EUR53.3m (US$75.4m), despite a turnover gain from the company's exotic fabrics business.
The Dutch company posted turnover of EUR326m in the half, down 13% on the same period last year, while EBITDA was nearly halved to EUR22.2m from EUR43.8m last time around.
Gamma's net loss excluding restructuring expenses and impairment was EUR11.9m, compared to a profit of EUR15.9m last year.
Including restructuring expenses of EUR9.8m and impairment costs, the company's net loss reached EUR53.3m, compared to a profit of EUR15.6m in the first half of 2008.
Gamma said that trading conditions remained "exceptionally difficult", with turnover for its lifestyle fabrics division falling 2% to EUR141m. EBITDA fell 8.4% to EUR18.6m.
However, Gamma said its Exotic Fabrics business - the production of dyed and printed ethnic fabrics from Africa - held its own, with turnover up 8% to EUR80m.
All the growth happened in the first quarter, with turnover flat during the second quarter.
Meanwhile, Gamma Holding has appointed Jan Albers as the company's chairman of the executive board and CEO, succeeding Meint Veninga. Albers, 57, is a veteran of companies including Philips, GEA and Vanderlande Industries.
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