Brief: Fabryki Mebli Lowers 2020 Capex Down To 20 Mln Zlotys Max. From 35 Mln Zlotys

Grupa Forte SA

16/04/2020 10:12

April 16 (Reuters) - Fabryki Mebli Forte SA  FTEP.WA :
    * REPORTS FY NET PROFIT 35.2 MILLION ZLOTYS VERSUS 145.8
MILLION
ZLOTYS YEAR AGO
    * FY REVENUE 1.18 BILLION ZLOTYS VERSUS 1.11 BILLION ZLOTYS
YEAR
AGO
    * FY OPERATING PROFIT 84.2 MILLION ZLOTYS VERSUS 72.5
MILLION
ZLOTYS YEAR AGO
    * REDUCES CAPEX FOR 2020 UP TO 20 MLN ZLOTYS FROM 35 MLN
ZLOTYS
    * PARENT ENTITY HAS RECORDED NEGATIVE IMPACT OF CORONAVIRUS
PANDEMIC IN MARCH 2020, WHEN TURNOVER FELL BY ABOUT 50% COMPARED
TO FEBRUARY 2020 AND OVER 50% COMPARED TO MARCH 2019
    * AT PRESENT GROUP IS PROCESSING ORDERS FROM THE CLIENTS
(MAINLY
ONLINE SELLERS), WHO ARE READY TO COLLECT THEIR ORDERS AND
CONDUCTS SALES ACTIVITIES, BUT IT REPRESENTS LESS THAN 10% OF A
TURNOVER, WHICH GROUP WOULD USUALLY HAVE IN THIS PERIOD 
    * SAYS ONE OF THE MAIN GOALS IS TO PROVIDE GROUP WITH ACCESS
TO
FUNDS THAT WILL ALLOW IT, IN THE WORST CASE SCENARIO, TO
COMPLETELY SUSPEND OPERATIONAL ACTIVITY FOR A PERIOD OF 4-5
MONTHS
    * TO GATHER FUNDS GROUP HAS REDUCED THE OPERATING COSTS AND
EMPLOYEES' REMUNERATION, AND HAS SUSPENDED ALL NON-CRUCIAL
INVESTMENT EXPENDITURES PLANNED IN Q2 AND Q3

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEMbhppcXa
    
 Further company coverage:  FTEP.WA  
   


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