In the 2011 financial year, Precious Woods showed improvement in key results figures in areas of continuing operations, while turnover declined overall by 1.4% to US$69m. Although the EBITDA, at minus US$2.1m, was still in the red, the loss was substantially reduced from the deficit sustained in 2010. The overall result also showed a significant year-on-year improvement to minus US$41.5m, though that loss also included negative effects totalling US$14.5m deriving from the partial sale of the Central America business unit in mid -October 2011. The income from the sale was used to redeem debts vis-à-vis banks and shareholders at holding level. As a result of restructuring measures introduced in 2011, the company expects a positive EBITDA again in 2012. Those restructuring measures included not only the sale of the Central America business unit already mentioned but also centralisation of the sales organisation at a Swiss office since the beginning of 2012.
PWH shows improved result with declining turnover
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