BERLIN (dpa-AFX) - Heidelberger Druckmaschinen AG (HBGRF.PK) on Thursday reported third-quarter net result after taxes of profit of 7 million euros, up from 4 million euros in the previous-year quarter.
Net result before taxes was profit of 11 million euros, which increased from 7 million euros in the year-ago period.
EBITDA excluding restructuring result was 47 million euros compared to 39 million euros in the prior-year quarter. The latest period's results include a one-off gain of around 25 million euros from the sale of Hi-Tech Coatings.
Third-quarter net sales declined to 567 million euros from 579 million euros in the previous-year period due to the economic reluctance to invest in Europe.
Order intake in the third quarter was 636 million euros, higher than 606 million euros in the year-ago period.
Looking ahead to fiscal 2019/20, the company affirmed its outlook. The company's board of directors continues to expect that sales for the full year will be slightly below the previous year's level of around 2.490 billion euros, due to difficult market conditions.
EBITDA without restructuring result and without the one-off income from the sale of Hi-Tech Coatings is still expected to be in a range of 5.5 to 6.0 percent of sales, and correspondingly, earnings after tax will turn out to be slightly negative. The company also said that a package of measures to increase profitability is in progress.
'We will streamline Heidelberg organizationally, separate ourselves from peripheral areas and assets, and thus significantly lower the cost base. We see a package of measures as having good potential for a significant improvement in liquidity and balance sheet quality,' said Marcus Wassenberg, the company's CFO.
Copyright RTT News/dpa-AFX