NUREMBERG (dpa-AFX) - Shares of Leoni AG (LEOGN) were losing around 4 percent in the morning trading in Germany after the provider of energy and data management solutions for the automotive industry Monday reported a loss in its fiscal 2019, compared to last year's profit with weak sales. The company continues to expect significant burden from the coronavirus or COVID-19 pandemic.
For fiscal 2019, consolidated net loss was 435 million euros, compared to last year's profit of 73 million euros. Loss per share was 13.30 euros, compared to profit of 2.31 euros a year ago.
Earnings before interest and taxes or EBIT was negative 384 million euros, compared to prior year's positive 144 million euros. EBIT before exceptional items as well as before VALUE 21 costs was negative 66 million euros, while last year's profit was 157 million euros.
Leoni achieved sales of 4.85 billion euros in the 2019 financial year, down 5 percent from 5.1 billion euros a year ago. The decline was primarily due to weaker demand from the automotive industry which led to volume reductions for both wiring systems and automotive cables.
Looking ahead, in light of the major challenges caused by the Covid-19 pandemic, the company continues to expect considerable burdens on sales, earnings and liquidity for the current financial year.
Leoni has already implemented various measures to respond to the burdens caused by the Covid-19 pandemic.
Excluding the impact of the Covid-19 pandemic, due to several project ramp- ups, the Board of Directors previously expected Group sales would be moderately above the previous year's level, and that Group EBIT before exceptional items as well as before VALUE 21 costs would improve to a positive mid-double-digit million euro amount.
Leoni currently assumes significant negative deviations from the original planning since the actual burdens relating to the Covid-19 pandemic cannot be reliably quantified at the present time.
In Germany, Leoni shares were trading at 6.45 euros, down 4.16 percent.
Copyright RTT News/dpa-AFX