Flamingo trims losses by 60 pct in H1

'The company trimmed losses by 60 pct from RON 15.8 million at the end of H1 2007, to RON 6.39 million in H1 2008,' said Rizek.

The company's operating profit (EBITDA - earnings before interest, taxes, depreciation and amortization) hit RON 3.04 million compared to RON 15.8 million in losses the year before.

For 2008, Group Flamingo International targets EUR 210 million in sales, up by some EUR 40 million from 2007, and a net profit of RON 9.5 million.

Group Flamingo International has been operating on the local market since 1994, specializing in the marketing of IT&C, electronic products and home appliances and holding a leading position in the business.

Flamingo International is listed on the Bucharest Stock Exchange since 2005 and is the first and only company in the business present on the capital market.