NEUTRAUBLING (dpa-AFX) - Beverage filling and packaging company Krones AG (KRNTY.PK, KRNNF.PK) reported that its third-quarter net loss was 4.1 million euros, compared to net income of 7.0 million euros in the prior year.
Quarterly earnings before interest, taxes, depreciation and amortisation or EBITDA declined to 28.8 million euros from last year's 47.4 million euros, due to the sharp drop in revenue. Lower material and labour costs prevented an even larger drop in earnings.
Earnings before taxes or EBT was negative 5.1 million euros, compared to positive 13.5 million euros in the prior year.
Revenue for the third quarter of 2020 fell 25.0% year-on-year to 750.4 million euros.
The company anticipates that revenue will be higher in the fourth quarter than in the third quarter.
For full year 2020, the company expects revenue of about 3.3 billion euros, representing a decrease of about 17% from last year.
If further countries and regions impose lockdowns, partial lockdowns or travel restrictions, this could negatively impact the completion of orders and order intake and consequently have a negative influence on the company's financial performance, Krones said.
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