Estonian Clothier Baltika Drops Most in Seven Months on Loss
AS Baltika (BLT1T) fell the most in almost seven months after the Baltic region’s third-largest clothing retailer said it had a “significant” loss last quarter.
The stock fell as much as 24.8 percent, trading 18.2 percent lower at 31 euro cents at 11:02 a.m. in Tallinn. Baltika has lost 75 percent in the past 12 months, compared with a 29 percent decline for its eastern European peer group, according to data compiled by Bloomberg.
Baltika, which has reported losses since the fourth quarter of 2008, said after the close of trade on Feb. 3 the loss for the fourth quarter was due to one-time write-offs and provisions. The Tallinn-based company’s net assets were below half its share capital as of Dec. 31, the company said.
The Nasdaq OMX Tallinn stock exchange in November added a watch notation to Baltika shares because the company’s net assets of less than half of share capital don’t meet requirements set by Estonia’s commercial code.
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