April 30, 2020 / 5:21 AM / a month ago

BRIEF-Surteco FY Consolidated Net Profit At EUR 9.4 Mln

April 30 (Reuters) - SURTECO GROUP SE:

* POSTS A GOOD FIRST QUARTER FOR 2020. EBIT INCREASES BY 15 % COMPARED WITH THE PREVIOUS YEAR.

* SIGNIFICANT SALES AND EARNINGS DEFICITS EXPECTED IN Q2 AS A RESULT OF CORONAVIRUS PANDEMIC

* FY GROUP SALES OF EUR 675.3 MILLION AND IN OPERATING RESULT (EBIT) OF EUR 40.5 MILLION ADJUSTED BY ONE-OFF EFFECTS AMOUNTING TO EUR 19.4 MILLION

* GROUP SALES WITH A FALL FROM EUR 181.9 MILLION IN Q1 OF 2019 TO EUR 171.6 MILLION

* FY EBIT WAS EUR 21.1 MILLION (2018: EUR 32.2 MILLION), CONSOLIDATED NET PROFIT AT EUR 9.4 MILLION (2018: EUR 18.6 MILLION)

* Q1 WITH RISE IN EARNINGS, PLANNED SIGNIFICANT SALES AND EARNINGS GROWTH NO LONGER ACHIEVABLE IN BUSINESS YEAR 2020 OWING TO CORONAVIRUS CRISIS

* IMPROVEMENT IN EBIT FROM EUR 11.6 MILLION TO EUR 13.4 MILLION IN Q1 OF 2020.

* AGREED TO SUBMIT A PROPOSAL FOR APPROPRIATION OF NET PROFIT OF SURTECO GROUP SE LATER IN YEAR

* IMPACTS OF CORONAVIRUS PANDEMIC WILL EXERT A SIGNIFICANTLY NEGATIVE IMPACT PARTICULARLY IN Q2

* OUTLOOK 2020: ANTICIPATE SALES THAT ARE SUBSTANTIALLY BELOW FORECAST OF BETWEEN EUR 675 MILLION AND EUR 700 MILLION MADE IN ABSENCE OF EFFECTS OF CRISIS

* OUTLOOK 2020: CONSOLIDATED RESULT (EBIT) TO SIGNIFICANTLY BELOW ORIGINAL FORECAST OF EUR 40 MILLION TO EUR 45 MILLION IS HIGHLY LIKELY Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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