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18 Sep 2018 | 09:28

Chagala Group profits nearly wiped out by adverse currency movements

Chagala Group said Tuesday profits fell sharply on adverse currency movements amid sanctions on Russia and neighbouring countries. For the six months ended 30 June 2018, pre-tax profit fell to $0.19m from $1.62m and revenue fell to $8.34m from £9.55m.

Total assets decreased to $84.14m from $87.70m seen at the December-end. 'The impact of numerous sanctions on neighboring countries, regional disputes and many other factors has affected through currency exchange rate charges into our financial figures, which have been perceptibly affected in terms, fundamentally, of profit,' said Svetlana Mendesh, Chief Financial Officer. 'Nevertheless, our performance in HY 2018 and the stability of our performance continue to make Chagala Group a partner of choice for shareholders and clients.' 'For the next half of the year we are going to continue our strategy - to focus our energy on maximizing our ever-expanding potential and maintaining our cutting-edge competitive advantage.'

At 9:28am: (LON:CGLO) Chagala Group Limited Ord Usd0.40 Di share price was 0p at 2p

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