Lego Erects Losses $328M_经济Business
danish-based toymaker lego, known for its colored plastic bricks, reported on wednesday that net losses more than doubled last year to 1.9 billion danish crowns ($328 million) and said it has decided to sell its theme parks.
total turnover fell to 7.9 billion crowns ($1.36 billion) from 8.4 billion in 2003 and lego said intense price competition had squeezed margins.
the family-owned group said that it had incorporated 528 million crowns in its accounting as a result of its decision to sell the legoland parks.
profits before special items and taxes improved to 103 million crowns from a loss of 1.1 billion due to cost savings. but restructuring costs of half a billion and an impairment of 723 million crowns on fixed assets resulted in the sharp rise in net loss, from 935 million crowns in 2004.
lego operates four theme parks including three in europe and one in carlsbad, california located 30 miles north of san diego which opened in 1999. the company also operates as well as numerous retail outlets.
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total turnover fell to 7.9 billion crowns ($1.36 billion) from 8.4 billion in 2003 and lego said intense price competition had squeezed margins.
the family-owned group said that it had incorporated 528 million crowns in its accounting as a result of its decision to sell the legoland parks.
profits before special items and taxes improved to 103 million crowns from a loss of 1.1 billion due to cost savings. but restructuring costs of half a billion and an impairment of 723 million crowns on fixed assets resulted in the sharp rise in net loss, from 935 million crowns in 2004.
lego operates four theme parks including three in europe and one in carlsbad, california located 30 miles north of san diego which opened in 1999. the company also operates as well as numerous retail outlets.
other top stories
learn more from this article