Baltika Shares Tumble After Another Dry Quarter
Shares of Estonian clothing producer Baltika fell by nearly 25 percent at the opening of trade on February 6 following the company's announcement last week of "significant losses" for the fourth quarter of 2011.
Prices of the company's shares on the Tallinn Nasdaq OMX dropped from their opening mark of 0.379 to land at 0.285 in early trading, but had made some recovery by noon, crawling back to 0.320.
The news received by investors was the latest in a long string of poor results, with the first three quarters of 2011 ending in losses of 2.2 million, 440,000 and 1.2 million euros, respectively.
The company, which produces clothing under the fashion brands Monton, Mosaic, Baltman and Ivo Nikkolo, posted a 6.3 million euro loss for 2010 and a 10.2 million euro loss for 2009.
Steve Roman