DGAP-News: Petro Welt Technologies AG
/ Key word(s): Half Year Results
Petro Welt Technologies AG: Revenue and profit indicators in HY1 2020 overperforms the level of the same period of the previous year - but uncertainties remain
Thanks to the over-execution of the production program and continuing improvement of the operating discipline expressed in a decrease of the non-performing time in the Drilling and IPM segment and the restraining of administrative expenses, the Group was able to improve all its profit indicators. Thus, gross profit increased by 52% from EUR 17.5 million in the first half of 2019 to EUR 26.6 million in the first half of 2020, profit before tax reached EUR 14.5 million, up by 126.6% from EUR 6.4 million in the first half of 2019.
At the same time, due to the risk of declining volumes of work from customers in HY2 and restrictions resulting from Covid-19, as well as the possibility of further devaluation of the Russian ruble and Kazakh tenge, the forecast of the annual revenues of the fiscal year 2020 has been reduced moderately from EUR 278-285 million to EUR 275-282 million.
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18.08.2020 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:||1120281|
|End of News||DGAP News Service|