Iceland-based credit card company Valitor HF is undertaking a reorganization to strengthen its core businesses and reduce investment needs as well as costs, according to a Dec. 30 release.
The reorganization is expected to cost the company about 600 million Icelandic kronur. It aims to take the company to an EBITDA profit from an operating loss.
Valitor plans to reduce continuing investments in omni-channel solutions after sales of these assets did not meet expectations. The company invested a total of 6 billion kronur in omni-channel solutions since 2014. The current book value of these intangible assets is 4.5 billion kronur and the company expects an income of 1.1 billion kronur from them in 2019.
As of Dec. 31, US$1 was equivalent to 121.05 Icelandic kronur.