MOK: JSC "Moda kapitals" unaudited results for the 12 month of 2014.
The principal activity of AS Moda Kapitals (further - Company) is issuance of short-term loans against a pledge of movable property, real estate and issuance of consumer loans, as well as trading of precious metals and little-used wide range of home appliances and electronics.
A process that changed the Company's loan portfolio structure already started in 2nd half of 2013 and continued in 2014. There was a decrease in the share of micro loan portfolio, i.e. loans against movable collateral, which has led to a negative impact of the company's financial results and income. The company predicts that a similar situation could persist in the future; therefore, consumer lending is being developed more actively. Consumer lending had its impact on the company's financial performance already in 2nd half of 2014 and we expect that it will provide results in 2015 as well.
Results of 1st half of 2014 led to reorganization of the Company's personnel structure by optimizing the number of employees, while also making improvements to the Company's economic activity. Reorganization and results of improvement is reflected also in Company’s significant financial ratios comparing 1st and 2nd half of 2014.