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AAA Auto turns into profit as company streamlines operations

Prague-based used-car company AAA Auto posted net profit of €1.38 million in 2009, compared to net losses of €35 million in 2008, the company revealed in its consolidated, audited 2009 IFRS report on Friday.

Revenue, at €166.2 million last year, was down 43.5% from revenue of €293.9 in 2008.

AAA Auto noted that the company had curtailed its operations in 2010 as a result of the global economic crisis, withdrawing from Hungary and Romania and closing 10 of its remaining 35 branches in the Czech Republic and Slovakia during the year.

AAA Auto had EBITDA of €7.4 million in 2009, slightly more the double EBIDTA of €3.6 million in 2008.

The company recorded €2.7 million from continuing operations as against €3.5 million loss from the same operations in 2008. It recorded €1.4 million loss from discontinued operations, which brought it €31.5 million loss in 2008.

AAA Auto had total assets of €84.7 million at the end of 2009, compared to total assets of €94.8m at the end of 2008. Total equity rose to €7.4 million from €6.3 million at the end of 2008. Total liabilities fell to €77.3 million at the end of 2009 from €88.5 million twelve months earlier.

AAA Auto's shares trade in the A-category at the Budapest Stock Exchange. (MTI-Econews)