TALLINN, Nov 25 (LETA--BNS) - The consolidated revenue of the listed Estonian lingerie manufacturer and seller Silvano Fashion Group declined 10.1 percent on year to 44.8 million euros in the first three quarters of 2019, and the net profit for the period decreased 9.3 percent to 9.7 million euros.

Overall, wholesales decreased by 14.3 percent, the company's interim report shows. The group's gross profit during the first nine months of 2019 amounted to 22.6 million euros and decreased by 20.4 percent compared to previous year. The gross margin during the same period decreased to 50.6 percent, from 57.1 percent in the respective period of previous year. The cost of sold goods increased by 3.7 percent, Silvano told the stock exchange.

Consolidated operating profit for the first nine months of 2019 amounted to 10 million euros, compared to 15.9 million euros in the first nine months of 2018, decrease 36.6 percent. The consolidated operating profit margin was 22.5 percent for nine months (32 percent during the same period last year). Consolidated EBITDA for the first nine months decreased by 25.5 percent and amounted to 12.7 million euros, which is 28.4 percent in margin terms (17.1 million euros and 34.3 percent for the first nine months of 2018).

During the first nine months of 2019, the group's investments into property, plant and equipment totaled 1.14 million euros, in previous year same period 497,000 euros. Investments were made mainly into opening and renovating own stores, as well into equipment and facilities to maintain effective production for future period.

As of Sept. 30, 2019, the group employed 1,926 employees, including 507 people in retail operations. The rest were employed in production, wholesale, administration and support operations. As at the end of 2018 there were 2,073 employees, including 500 people in retail operations.

Total salaries and related taxes during the first nine months of 2019 amounted to 9.8 million euros (9.3 million euros in the first nine months of 2018). The remuneration of key management of the group, including the key executives of all subsidiaries, totaled 648,000 euros.

Silvano Fashion Group AS is a holding company that controls a group of enterprises involved in the design, manufacturing, wholesale, franchise and retail sales of ladies' lingerie. The group's income is generated by sales of Milavitsa, Alisee, Aveline, Lauma Lingerie, Laumelle and Hidalgo branded products through wholesale channel, franchised sales and own retail operated via Milavitsa and Lauma Lingerie retail stores.

© Pakistan Press International, source Asianet-Pakistan