Nabaltec AG / Key word(s): Quarter Results
Nabaltec AG: According to preliminary data, revenues and earnings in the second quarter 2020 burdened by Covid-19 pandemic and special effects
Schwandorf, 21 July 2020 - According to preliminary data, Nabaltec AG expects to post slightly negative consolidated operating profit (EBIT) in the second quarter of 2020. Revenues amounted to EUR 36.4 million, compared to EUR 49.0 million in the same period of last year based on preliminary data. Consolidated operating profit in the second quarter of 2020 came to EUR -0.4 million (same period of last year: EUR 6.6 million).
The main reasons for this significant decline in sales and earnings in the second quarter of 2020 are the effects of the Covid-19 pandemic and the associated significant drop in sales volume since April 2020. In addition, special effects in the amount of EUR 2.1 million in connection with the devaluation of inventories in the USA as well as extraordinary depreciation of plant components no longer required due to the closure of the Mullit production plant at the Schwandorf site also had a negative impact on consolidated earnings.
Revenues in the boehmite product range continue to develop positively within the growth market of electric mobility. In the second quarter of 2020, sales in this product range increased by around 50% compared with the same quarter of the previous year.
According to preliminary figures, consolidated revenues will amount to EUR 81.8 million in the first half of 2020, compared to EUR 97.4 million in the same period of the previous year. Consolidated operating result (EBIT) will amount to EUR 2.1 million in the first six months of 2020 after EUR 12.4 million in the same period of last year.
Nabaltec expects business performance to remain volatile. With respect to revenue development, no easing of the situation is yet to be expected in the third quarter of 2020.
Information and Explanation of the Issuer to this News:
Information and explanations by the issuer for this notice:
Note: Nabaltec AG's quarterly report for the second quarter of 2020 will be available for download as planned from the Investor Relations section of www.nabaltec.de as of 27 August 2020.
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