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Wednesday, November 30, 2022

Polytec made a loss of 1.9 million euros in three quarters

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Dave
Dave
I have been working in news websites for the past three years. I am currently an author at 24 hours world, where I mainly cover world news. I have also written for The Huffington Post and The New York Observer.
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The operating result (EBIT) collapsed from EUR 7.0 million to EUR 0.24 million, the bottom line was a loss of EUR 1.9 million, after a net profit of EUR 3.6 million in the same period of the previous year.

For 2022 as a whole, Polytec is assuming positive EBIT (earnings before interest and taxes), although the forecast for sales and profit is very uncertain, the company announced on Thursday.

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Polytec makes almost three quarters (74 percent) of its sales in the Passenger Cars & Light Commercial Vehicles market segment. Sales there increased by 8.6 percent to EUR 318.9 million.

Sales in the Commercial Vehicles market area (16.7 percent share) rose by 4.5 percent to EUR 71.7 million compared to the same period of the previous year. Sales in the Smart Plastics & Industrial Applications market area fell by a quarter to EUR 40.1 million.

From March, lower call-off quantities and repeated short-term cancellations as well as the very high price level of material and especially energy had a significant impact on the result, according to the press release. While positive earnings were still generated in the first quarter of the 2022 financial year, the earnings figures for the second and third quarters were negative. Overall, the period from January to September 2022 ended with a slightly positive operating result. The financial result was EUR -1.9 million in the first nine months of 2022 (Q1-Q3 2021: EUR -2.1 million).

Source: Nachrichten

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