Poncin Yachts : Résultats S1 2007/2008
06/08/2008 | 08:30
The appendixes relating to the press release are available on:
http://www.hugingroup.com/documents_ir/PJ/CO/2008/141199_88_INDQ_RESULTSEMPONY.pdf
Poncin Yachts changes tack after worse H1 net loss
Wed Aug 6, 2008 4:32am EDT
PARIS, Aug 6 (Reuters) - Yacht maker Poncin Yachts is aiming at those consumers who still have cash
for expensive pleasures as it shifts its business to its larger and more luxurious range.
The French group, which is undergoing a restructuring process, published its first-half results on
Wednesday, showing a net loss of 31.27 million euros ($48.47 million) compared to a net loss of 4.59
million in 2007.
Poor sales and a sluggish market have caused difficulties for the French group's smaller,
single-hull Harmony range which has been unable to cope in an increasingly troubled market and has
weighed on the group's first-half results.
But the segment for boats greater than 80 feet (24.4 metres) in length is stronger, more dynamic,
and less affected by the global economic crisis, which has reduced consumption of luxury goods.
"It is Harmony which is affecting the results. The rest is fine," a spokeswoman for the company
told Reuters.
Poncin Yachts is looking to divest itself quickly of its remaining Harmony stock to improve the
group's financial situation, while retaining production facilities for its other ranges such as
Catana catamarans.
Since the start of 2008, Poncin Yachts' share price has plummeted by more than 66 percent. French
luxury yacht manufacturer Rodriguez has also seen its share price drop by 60 percent since January.
(Reporting by Jessica Mead; Editing by Paul Bolding)
Source:
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSL619760020080806
