Brief: Ferronordic Says Operating Profit In Germany In 2023 More Challenging

Ferronordic AB

16/11/2023 07:41

Nov 16 (Reuters) - Ferronordic AB  FNMA.ST :
    * OPERATIONALLY, Q3 2023 WAS A SETBACK - CEO
    * OPERATIONALLY, Q3 2023 WAS A SETBACK - CEO
    * Q3 SALES INCREASED IN BOTH GERMANY AND KAZAKHSTAN, BUT
LESS THAN
EXPECTED
    * Q3 SALES INCREASED IN BOTH GERMANY AND KAZAKHSTAN, BUT
LESS THAN
EXPECTED
    * IN GERMANY, Q3 REVENUE GREW BY 60% TO SEK 574M, BUT
OPERATING
INCOME SLIPPED BACK TO NEGATIVE AND DECREASED TO SEK -16M
    * IN GERMANY, Q3 REVENUE GREW BY 60% TO SEK 574M, BUT
OPERATING
INCOME SLIPPED BACK TO NEGATIVE AND DECREASED TO SEK -16M
    * REACHING A POSITIVE OPERATING RESULT IN GERMANY FOR FULL
YEAR
2023 NOW LOOKS MORE CHALLENGING
    * REACHING A POSITIVE OPERATING RESULT IN GERMANY FOR FULL
YEAR
2023 NOW LOOKS MORE CHALLENGING
    * DURING AND AFTER QUARTER, WE LAUNCHED INITIATIVES TO
REDUCE
GROUP'S COSTS AND BRING DOWN WORKING CAPITAL
    * DURING AND AFTER QUARTER, WE LAUNCHED INITIATIVES TO
REDUCE
GROUP'S COSTS AND BRING DOWN WORKING CAPITAL
    * EFFECTS OF THESE MEASURES ARE EXPECTED TO BECOME VISIBLE
IN
2024, COST CUTS TO BE IN GERMANY AND MAINLY AFFECT
ADMINISTRATIVE FUNCTIONS
    * EFFECTS OF THESE MEASURES ARE EXPECTED TO BECOME VISIBLE
IN
2024, COST CUTS TO BE IN GERMANY AND MAINLY AFFECT
ADMINISTRATIVE FUNCTIONS
    * OUTLOOK: LONG-TERM, WE BELIEVE THAT UNDERLYING CONDITIONS
AND
BUSINESS OPPORTUNITIES IN OUR MARKETS ARE STRONG

Source text for Eikon:  ID:nWkr5bFYyc 
Further company coverage:  FNMA.ST 

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