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FRH: Losses of €661.5k in 2008

10/02/2009 11:14
Renos Hadjiioannou Farm accumulated losses of €661.5 thousand in 2008 against profits of €61.7 thousand in 2007.

According to the indicative results, the Company’s sales dropped to €1.9 million from €2.1 million in 2007.

The direct expenses are burdened by depreciation of stocks and discounts for previous years’ sales of €1,400,000.

It is noted that in 2008, the Company enjoyed a profit of €794,215 from sale of land and machinery.

According to indications so far, sales in 2009 will remain at the same level. The agreements with the banks will be enforced and the Company will generate a significant accounting profit.