Nord posts UAH 43 mln loss in 2008

Nord (NORD), the only producer of refrigerators in Ukraine, reported yesterday that it had a loss of UAH 43 mln in 2008, vs. a net profit of UAH 13 mln in 2007. The company said it cut 32% of its staff over last year and now has 4,145 employees. Nord said that it made 28% yoy less refrigerators and freezers in 2008 (938 ths units); the group plans to cut production of these products by 15.5% yoy to 793 ths units in 2009. Nord shareholders are due to meet for an AGM on April 17.