SIMINT LOSS HITS $9.6M IN 1ST HALF
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.