Brief: Granges Q1 Adjusted Operating Profit Falls To SEK 210 Mln

Granges AB

30/04/2020 06:36

April 30 (Reuters) - Granges AB  GRANG.ST :
    * GRÄNGES' INTERIM REPORT JANUARY-MARCH 2020
    * Q1 ADJUSTED. OPERATING PROFIT SEK 210 MILLION VERSUS SEK
275
MILLION YEAR AGO
    * Q1 NET SALES SEK 3,063 MILLION VERSUS SEK 3,109 MILLION
YEAR AGO
    * DECREASE IN OPERATING PROFIT WAS MAINLY DRIVEN BY NEGATIVE
MIX
EFFECTS AS LOWER AUTOMOTIVE VOLUMES COULD NOT BE COMPENSATED BY
INCREASING HVAC & OTHER VOLUMES.
    * BOARD OF DIRECTORS HAS DECIDED TO WITHDRAW PREVIOUSLY
COMMUNICATED DIVIDEND PROPOSAL OF SEK 3.40 PER SHARE
    * SUCCESSFUL RAMP-UP OF NEW PRODUCTION CAPACITY IN US,
PARTLY
OFFSET COVID-19 RELATED DEMAND REDUCTION IN ASIA AND EUROPE
    * AUTOMOTIVE INDUSTRY IS EXPECTED TO BE SIGNIFICANTLY
IMPACTED BY
COVID-19 IN Q2
    * CHANGE IN PRODUCT MIX FOLLOWING A LARGER DECLINE IN
AUTOMOTIVE
PRODUCTS COMPARED WITH HVAC PRODUCTS IS EXPECTED TO HAVE A
NEGATIVE IMPACT ON PROFITABILITY IN Q2

Source text for Eikon:  ID:nWkr2bSjRh 
Further company coverage:  GRANG.ST 

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