Rigas elektromašinbuves rupnica
Business activities of the Holding Company in the first quarter of 2015 year
Rigas elektromašinbuves rupnica 01.06.2015 15:10 Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Taking into consideration a sharp drop of Russian Ruble rate in relation to Euro (RUB/EUR) that provides its adverse affect in 2014, all first quarter of 2015 year the management of concern provided renewal of sale agreements with buyers of the Russian market to currency of euro in contracts. Furthermore since 2015 there is no more exchange rate risk. For the period of renewal of agreements of delivery of goods to the Russian market were suspended and renewed only at the end of the quarter. As a result of it net turnover for the first quarter 2015 was only EUR 2,4 mln., and also is planned to reach the net turnover near EUR 20.mln. in 2015. The first quarter of 2015 concern closed with profit EUR 1 622 after tax. With the purpose to provide financial stability of concern the Board of JSC 'Riga electric machine building works' has approved an arrangement of measures that provide optimization of all costs. This plan was reduced to practice in the first quarter of 2015. This arrangement of measures forecasted all types of costs, including reduction in the number of employees till 35% - 50%. Dismissal of employees took place at the initiative of their and with the permission of the employer. Compensation was paid to the dismissed employees at the amount of EUR 0.7 mln. Generally for 2015 is planned to get profit not less than EUR 0,5 mln. Sergejs Popovs, Sergej.popov@rer.lv, m.t. +371 29628449 News Source: NASDAQ OMX 01.06.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Rigas elektromašinbuves rupnica Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000101012 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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