In August, revenue was at EUR 29.6m, down 14.4% year-on-year and 17.4% below plans, according to a release published on the website of the Ljubljana Stock Exchange.

Moreover, consolidated results for June, July and August show sales below those recorded during the same period last year. The group generated EUR 83.4m in revenue over the three summer months, which was 11.9% less year-on-year and 13.8% below plan.

The group said in the press release that while the European market still showed almost no sign of improvement, there was a negative economic trend in the Balkans and a political crisis in Ukraine and Russia.

Helios does not expect the situation to improve by the end of 2014 and the management has introduced many measures to adapt to the demanding situation, the press release said.

Helios was privatised in the spring, when it was sold to Austrian Ring International holding.