COLOGNE (dpa-AFX) - German Cloud and ICT provider QSC AG (QSCGF) reported Monday that its second-quarter consolidated net loss was 5.1 million euros, compared to loss of 5.5 million euros in the first quarter.
According to the company, year-over-year comparison of results would not enhance understanding of the results, as the TC business sold in mid-2019 traditionally accounted for significantly more than half of revenues and expenses.
EBITDA for the quarter was loss of 0.8 million euros, narrower than last quarter's loss of 1.1 million euros.
Revenues grew to 34.5 million euros in second quarter from 34.1 million euros in the sequential first quarter.
The company said the sequential revenue growth marked a continuation of the growth seen each quarter since the sale of the telecommunications business in mid-2019.
Compared with the second quarter of 2019, revenues rose 13 percent. Revenues in the SAP segment surged 18 percent year-over-year to 10.5 million euros.
New orders were 36.0 million euros in the second quarter, higher than at any time since QSC sold its telecommunications business. The exceptional lockdown situation boosted demand for digital workplace solutions.
Looking ahead, despite severe recession, QSC still plans to increase its 2020 revenues by at least 13 percent to more than 143 million euros. The company continues to expect to generate EBITDA loss of up to 5 million euros.
From the fourth quarter of 2020, QSC will generate sustainably positive EBITDA once again.
Copyright RTT News/dpa-AFX