Valartis Group AG expects a full-year 2017 group loss for continuing and discontinued operations of between CHF1 million and CHF2.5 million under the International Financial Reporting Standards, compared to a loss of CHF38.1 million for 2016.
The Swiss bank attributed the result to the restructuring measures it undertook. The lender booked impairment reversals on various long-term investment assets, achieved cost savings in operating expenses of more than 30% compared to 2016 and incurred no extraordinary write-offs.
Valartis, however, noted that fair value adjustment, due to currency effects, had a negative impact on the full-year 2017 result.
In 2015, Valartis announced the disposal of its private banking units in Austria and Liechtenstein as part of its recovery plan.
