April 23, 2020 / 6:41 AM / a month ago

BRIEF-Suominen Q1 Operating Profit Rises To EUR 5.7 Mln

April 23 (Reuters) - Suominen Oyj:

* REG-SUOMINEN CORPORATION’S INTERIM REPORT FOR JANUARY 1 – MARCH 31, 2020: OPERATING PROFIT NEARLY DOUBLED, STRONG CASH FLOW

* Q1 NET SALES EUR 110.2 MILLION VERSUS EUR 109.8 MILLION YEAR AGO

* EXPECTS THAT IN 2020 ITS COMPARABLE OPERATING PROFIT WILL IMPROVE CLEARLY FROM 2019

* Q1 OPERATING PROFIT EUR 5.7 MILLION VERSUS EUR 3.0 MILLION YEAR AGO

* RESULT ESTIMATE FOR SECOND HALF OF YEAR IS UNCERTAIN DUE TO COVID-19 PANDEMIC

* ON CORONAVIRUS: COVID-19 PANDEMIC INCREASED SALES VOLUMES IN ALL OUR MARKETS TOWARDS END OF QUARTER AND IN SHORT TERM HIGHER DEMAND IS EXPECTED TO CONTINUE

* ON CORONAVIRUS: IN LONGER TERM COVID-19 PANDEMIC MAY LEAD TO CONTINUED INCREASED DEMAND FOR NONWOVENS FOR CLEANING AND DISINFECTION APPLICATIONS

* SUOMINEN EXPECTS THAT IN 2020 ITS COMPARABLE OPERATING PROFIT WILL IMPROVE FROM 2019

* HOWEVER IN SECOND HALF OF YEAR THIS COVID-19 CAUSED DEMAND SURGE MAY ALREADY HAVE CALMED DOWN Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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