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MIFA Results Not Improving

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The financial results of the Mitteldeutsche Fahrradwerke AG, better know as MIFA AG, didnt improve significantly during the third quarter of 2009. Due to that the German manufacturer of entry to mid level priced private label bikes reports that

MIFA Results Not Improving

SANGERHAUSEN, Germany – The financial results of the Mitteldeutsche Fahrradwerke AG, better know as MIFA AG, didn’t improve significantly during the third quarter of 2009. Due to that the German manufacturer of entry to mid level priced private label bikes reports that

for the first nine months of the year its revenues dropped 22.4% compared to the same period in 2008. In the first half year the company reported a 20.4% revenue drop.

Total turnover stood at € 66.2 million compared to € 85.3 million for the three quarters of 2008.

MIFA’s pre-tax profit (EBT) in the reporting period was € 2.5 million compared to € 3.5 million in 2008; a 28% drop. Earnings before interest and taxes (EBIT) declined 23% during the three quarters of 2009 and reached € 4.1 million. The equity ratio improved 11.5% to 43.15% (previous year 38.71%). MIFA’s CEO Peter Wicht also reports that during the reported period the number of employees dropped by 25% to 435.

MIFA Mitteldeutsche Fahrradwerke AG: Financial Results

 
Nine months 2009
Nine months 2008
+/-
Total revenues
€ 66,202,423
€ 85,315,542
– 22.4%
EBT
€ 2,508,848
€ 3,482,572
– 28.0%
Equity
€ 26,315,017
€ 26,454,811
– 0.5%
Balance sheet total
€ 60,979,970
€ 68,334,267
– 10.8%
Equity ratio
43.15%
38.71%
+ 11.5%
Number of employees
435
581
– 25.1

 

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