Avangardco Investments Public Limited announced consolidated earnings and operating results for the first quarter ended March 31, 2016. For the period, the company reported revenue of $39,839,000 against $72,426,000 a year ago. Profit from operating activities was $5,302,000 against $160,000 a year ago. Loss before tax was $3,905,000 against $52,162,000 a year ago. Loss for the period was $3,974,000 against $52,179,000 a year ago. Loss for the period attributable to owners of the company was $4,020,000 or $1 per basic and diluted share against $51,713,000 or $8 per basic and diluted share a year ago. Net cash generated from operating activities was $1,988,000 against net cash used in operating activities of $3,356,000 a year ago. EBITDA was $9,566,000 against $6,357,000 a year ago. Net debt amounted to $317.0 million.

For the quarter, total production was 627 million pieces against 1,051 million pieces a year ago.

For the quarter, the company reported impairment of current assets of $489,000 against $7,704,000 for the same period a year ago.