Flamingo International, Romania’s second largest electronics retailer said its first-half turnover dropped 45% in the first six months though June to 187 million lei (44.3 million euros), from 340 million lei a year earlier.

“Financial indicators reflect the situation of both the local and European market. Electronics market dropped 45% in Romania, the decline being exceeded by Ukraine only”, said Stefan Treiber, CEO Flamingo International.

The group expects no financial loss in the second half of the year, on 30% YoY spending cut operated in June 2009.

Yesterday, Flamingo shareholders agreed to raise capital by issuing 29-mn lei convertible bonds into stocks. The issuing stands above the current 5.7 million euro stock market cap of the retailer.