Reykjavik, Iceland-based Icelandic Group reported an operating loss of €14.5 million ($19.2 million) in the fourth quarter, one of the worst operating performances in the company's recent history, and a full-year net loss of €11.4 million ($15 million).
In addition to restructuring costs, Icelandic USA, Pickenpack and Coldwater UK all reported results below the company's expectations, mainly as a result of high raw material costs.
Icelandic Group anticipates "huge turnarounds" in key divisions in 2007 as the company focuses on developing synergy between existing divisions and creating a single-mindedness across the company's far-flung and numerous subsidiaries, Johansson told IntraFish.
"We
