Financial Statement Release
CORRECTION: Capitalia unaudited interim consolidated financial statements for Q2, 2017
In the second quarter of 2017 Capitalia reported total revenues of EUR 648 thousands (year-to-date), which is an increase by 52% compared to the respective period in 2016.
Riga, 2017-07-27 11:23 CEST (GLOBE NEWSWIRE) --
On operating results
In the second quarter of 2017 Capitalia reported total revenues of EUR 648 thousands (year-to-date), which is an increase by 52% compared to the respective period in 2016. In the current period we achieved profit of EUR 41 thousands that more than covers losses of the previous financial year. We have managed to achieve a solid growth in the loan portfolio with landmark figure of EUR 5m loan portfolio under management reached at the end of June.
On key events
During the second quarter of 2017 we have focused on implementing a number of new procedural and risk management activities. We have finished development of crowdfunding platform capitalia.com that from autumn this year will allow companies to attract financing of up to EUR 1m from a pool of investors. We believe this will serve as a simpler and more modern replacement or addition to funding provided by venture capital funds in the Baltic countries. In the second quarter we have successfully placed all of the outstanding bonds from the second issue, while are continuing to offer to investors NASDAQ Baltic listed bonds.
On plans for the next quarter
For the following three months, the key focus of Capitalia will be to develop our crowdfunding platform capitalia.com that we believe will be important addition to the business financing eco-system in the Baltic States. Also, during the summer months we plan to polish our operating procedures in preparation of a more active financing season in the autumn.
Capitalia is the largest non-bank lender to small and medium enterprises in Latvia, Lithuania and Estonia. To date Capitalia has financed working capital and investment needs of more than 1000 companies investing over EUR 20 million in growth of these businesses.
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