Baltika of Estonia Second-Quarter Loss Narrows on Lower Costs

AS Baltika, the third-largest listed Baltic clothing company, said its second-quarter loss narrowed after a store closing in Russia cut distribution costs.

The net loss declined to 444,000 euros ($638,000) from 883,000 euros a year earlier, the Tallinn-based company said in a regulatory statement today. Revenue was little changed at 12.6 million euros.

Distribution costs fell 8 percent from a year earlier mainly due to the closing of the Europeysky store in Moscow at the start of April, the company said.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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