MILAN — Simint SpA, the sportswear maker that is majority controlled by Giorgio Armani SpA, had a consolidated loss of $9.6 million (15.3 billion lire) in the first half of the fiscal year ending October 31, 1994, the company said Tuesday.
The loss, on sales of $71 million (114 billion lire), compares to a loss of 12.8 billion lire a year earlier. Simint said the loss doesn’t take into account a contribution in deferred credits from Armani, which brings the total loss down to $2.4 million (3.8 billion lire).
Simint, which has been undergoing a restructuring operation under Armani’s management, said the loss was primarily due to extraordinary losses of $6 million (9.5 billion lire), which the company did not explain.
Simint added that it expects to break even or make a slight profit in the second half, for a total loss in the year of around $9.6 million (15.3 billion lire.
Simint also confirmed that a $28.5 million (45.7 billion lire) capital increase operation, which was approved by the board of directors late last year, will take place between February 15 and March 17.

load comments
blog comments powered by Disqus