SANGERHAUSEN, Germany – Bike maker MIFA AG has managed to turn the downward trend of its revenues. In 2009 MIFA’s turnover declined by 20%. However, for the first nine months of this year the company reports a turnover of 69.9 million euro, up 5.5% over the same period in 2009.
Despite the positive news on revenues MIFA can not report the same on profits. Earning before tax (EBT) is down 45.8% to 1.3 million euro; previous year 2.5 million euro. Earning before interest and tax (EBIT) was also down by 45.7% to 2.2 million euro.
“We are currently in the process of changing our customer base which is putting pressure on our turnover and profitability. For next year we are expecting a decline in revenues again”, says MIFA’s CEO Peter Wicht.