Flanco's takeover brings about big losses for Flamingo

IT&C retailer Flamingo International, which took over home appliances retailer Flanco this spring, estimates consolidated losses worth 4.5 million euros this year, according to the adjusted Spending and Revenue Budget, approved in the last General Meeting of Shareholders. Flamingo International last year posted a net profit worth 2.2 million euros, while Flanco saw losses worth 1.93 million euros. The company has budgeted a consolidated turnover worth some 138.2 million euros for this year, a drop against total business recorded by Flamingo and Flanco in 2005. Last year, Flamingo International logged turnover worth approximately 57 million euros, while Flanco’s sales amounted to some 92 million euros. The cumulated business of the two companies stood at over 149 million euros. Flamingo International representatives could not be contacted for further comment by the time this issue was ready for print.