Estonian retail concern Tallinna Kaubamaja Group saw its loss fall 89% in the first quarter of the year 2010 as compared to the same time last year, to 5.9 million kroons (0.4 million euros). The loss of the first quarter of 2009 was 52.3 million kroons (3.3 million euros).
In the first quarter of 2010, the consolidated non-audited sales revenue of Tallinna Kaubamaja Group amounted to 1.4 billion kroons (91.5 million euros). The sales revenue of the group in the same period of 2009 was 1.5 billion kroons (97.4 million euros), which amounts to a decrease of 6% compared to the previous year, reports LETA.
The company told Tallinn bourse that signs of economic stabilisation could be observed in the second half of the first quarter, when the sales revenue of Kaubamaja department stores in March was on the same level with the previous year. In the first quarter of 2010, the loss of Kaubamaja department stores was 11.1 million kroons (0.7 million euros), a result that is better than the result of previous year by 0.3 million kroons (0.02 million euros).
In the first quarter of 2010, the consolidated sales revenue of the business segment of supermarkets amounted to 1.1 billion kroons (69.2 million euros), which is 4% less than in the same period of the previous year.
In the first quarter of 2010, the consolidated net loss of segment of supermarkets was 9.8 million kroons (0.6 million euros), showing an improvement of 19.4 million kroons (1.2 million euros) compared to the same period of 2009, when the consolidated pre-tax loss and net loss was 29.2 million kroons (1.9 million euros). As a consequence of the decision adopted in autumn 2009 to freeze the business activities of the subsidiary SIA Selver Latvia in Latvia, all the 6 Selver stores located in Latvia had been closed by the end of the first quarter of this year and monthly costs had been minimised.
In the first quarter of 2010, the sales revenue of the business segment of real estate outside the group was 10.0 million kroons (0.6 million euros) and the sales revenue decreased by 11% compared to the same period of the previous year due to the decrease of rental activities in Latvia. The segment's profit of the first three months amounted to 24.9 million kroons (1.6 million euros). This result is 8.9 million kroons (0.6 million euros) better than the profit of the first quarter of the previous year and it is caused by the reduction of operating expenses in Latvia, reduced financial expenses caused by favourable interest rates and decrease of depreciable costs.
The car trade market is still at a low level, altogether 2,090 cars were sold in the first quarter which is 18% less than a year ago. In Latvia, the sales fell 37%, i.e. 825 vehicles were sold. In Lithuania, 1,371 cars were sold and the drop was 27%. The sales revenue of the car trade segment with the exclusion of inter-segmental transactions in the first quarter of 2010 was 45.7 million kroons (2.9 million euros), which is 27% less than the income of the respective period of the previous year. A total of 141 cars were sold in the first three months of the year which is 173 cars less than in the same period of the previous year.
The sales revenue of the footwear trade in the first quarter of 2010 was 38.9 million kroons (2.5 million euros), decreasing by 3% in comparison with the respective period of 2009. The loss in the first quarter amounted to 9.6 million kroons (0.6 million euros), of which the loss of Latvian businesses amounts to 0.6 million kroons (0.04 million euros). The total loss of footwear trade in the first quarter of 2009 was 21.8 million kroons (1.4 million euros) (including the loss of Latvian companies of 4.8 million kroons, 0.3 million euros). The loss mainly stems from the seasonal discount of winter goods.
As reported, Tallinna Kaubamaja is going to close the list of shareholders for dividend payments on June 1, 2010 at 23.59, as the company informed NASDAQ OMX Tallinn.
As a result, the shares of Tallinna Kaubamaja are traded cum-dividend for the year 2009 for the last day today, May 27, 2010.
The shares will go ex-dividend for the year 2009 on May 28, 2010.
AS Tallinna Kaubamaja will pay dividends in amount of 0.65 kroons per share.