Brief: Afarak Group H1 EBITDA Loss Narrows To EUR 2.8 Million

Afarak SE

21/08/2020 09:57

Aug 21 (Reuters) - Afarak Group Plc  AFAGR.HE :
    * REG-AFARAK GROUP: INTERIM REPORT H1 2020
    * WE WILL CONTINUE TO FACE A TURBULENT FUTURE WITH
UNCERTAINTIES
THROUGHOUT GLOBE
    * SECOND HALF OF YEAR IS EXPECTED TO CONTINUE ON A WEAK TONE
UNTIL
A VACCINE FOR COVID-19 IS FOUND
    * LOWER DEMAND WILL HAVE AN IMPACT ON GROUP'S SALES AND
PRODUCTION
CYCLES
    * PROFITABILITY AND CASH FLOW POSITION ARE STRAINED WHICH IS
LEADING TO GOING CONCERN DIFFICULTIES.
    * GROUP MAY NEED TO RAISE FURTHER FUNDS TO MEET ITS
LIQUIDITY
NEEDS DURING THIS PERIOD
    * H1 REVENUE EUR 44.9 MILLION VERSUS EUR 82.8 MILLION YEAR
AGO
    * H1 EBITDA LOSS EUR 2.8 MILLION VERSUS LOSS EUR 12.9
MILLION YEAR
AGO
    * EPIDEMY CAUSED SIGNIFICANT DECREASE IN DEMAND AND MARKET
PRICES
BOTH IN FERROALLOYS AND SPECIALITY ALLOYS SEGMENT
    * WE ARE IN A POSITION TO SWIFTLY RESUME 100% PRODUCTION
CAPACITY,
IN CASE GLOBAL INDUSTRIAL ACTIVITY RECOVERS

Source text for Eikon:  ID:nGNEbmLcqx 
Further company coverage:  AFAGR.HE 

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