AS Rigas kugu buvetava (RKB1R) Q2 2024 earnings summary

Executive summary

• Net turnover for the first half of 2024 was €1,127,571, up from €933,925 year-over-year, driven by a focus on real estate leasing and management after exiting shipbuilding and repair services in 2023.

• The period closed with a gross loss of €6,751 (improved from €455,853 loss in 2023) and a net loss of €137,664 (widened from €110,571 loss in 2023).

• The company continued to implement its legal protection plan, with amendments approved in November 2022, and fulfilled its obligations under this plan through the reporting period.

• New board and council members were elected in April and May 2024, with subsequent steps taken to improve efficiency, optimize costs, and restore working capital flows.

Financial highlights

• Net turnover increased by 21% year-over-year to €1,127,571.

• Gross loss narrowed significantly to €6,751 from €455,853 year-over-year.

• Net loss increased to €137,664 from €110,571 year-over-year.

• Cash and cash equivalents at period end were €189,675, up from €28,342 a year earlier.

• Equity capital decreased to €1,184,823 from €1,823,776 year-over-year.

Outlook and guidance

• Management expects further expansion of operations and improved ability to cover liabilities from current assets.

• The company continues to focus on process efficiency, cost optimization, and exploring new business opportunities.

• The legal protection plan is expected to be fully implemented by August 2024, with all creditor claims scheduled for settlement within 60 months of plan approval.