DGAP-News: Petro Welt Technologies AG
/ Key word(s): Quarterly / Interim Statement/Quarter Results
Vienna, June 3, 2020
Compared to the first quarter of 2019, total Group revenue rose by 36.4% to EUR 84.8 million, gross profit more than doubled to EUR 14.1 million, and EBITDA increased by 77.1% to EUR 16.5 million, while net profit grew more than tenfold to EUR 8.7 million. The EBITDA margin stood at 19.5%, up from 15.0% in the previous year.
The Drilling, Sidetracking, and IPM segment posted growth of 32.1% in physical volumes. The job count climbed from 56 in the first quarter of 2019 to 74 in the first quarter of 2020. Improvements in this segment with respect to contracting levels and the operating efficiency of its sidetracking operations made this positive development possible.
Driven by decreases in both non-current and current assets, the balance sheet total of PeWeTe was down by 14.2% to EUR 388.3 million as compared to December 31, 2019. Property, plant and equipment, for example, decreased by 16.4%, and total non-current assets by 15.9% as of March 31, 2020, mainly driven by the devaluation of the Russian ruble. Total equity fell by 22.0%, primarily due to the currency translation reserve. The Group's retained earnings rose by 3.2% to EUR 277.3 million, and the Group's cash position (including deposits, cash, and cash equivalents) stood at EUR 120.1 million as of March 31, 2020.
The Q1 2020 Report of Petro Welt Technologies AG is available for download on our website at www.pewete.com.
About Petro Welt Technologies AG
03.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Petro Welt Technologies AG|
|Kärntner Ring 11-13|
|Phone:||+43 1 535 23 20 - 0|
|Fax:||+43 1 535 23 20 - 20|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1061721|
|End of News||DGAP News Service|