May 7, 2020 / 7:09 AM / 21 days ago

BRIEF-Sonae Industria Q1 Net Result Turns To Loss Of 1.2 Mln Euros YoY

May 7 (Reuters) - Sonae Industria SGPS SA:

* SAID ON WEDNESDAY Q1 TURNOVER 54.3 MILLION EUROS VERSUS 56.8 MILLION EUROS YEAR AGO

* Q1 CONSOLIDATED NET LOSS 1.2 MILLION EUROS VERSUS PROFIT 1.2 MILLION EUROS YEAR AGO

* Q1 RECURRING EBITDA 5.3 MILLION EUROS VERSUS 4.8 MILLION EUROS YEAR AGO

* SAYS LOCKDOWNS IN SEVERAL COUNTRIES (INCLUDING CANADA, U.S., SOUTH AFRICA AND SPAIN) AIMED AT CONTAINING COVID-19 OUTBREAK LED TO PARTIAL OR FULL TEMPORARY SHUTDOWN OF ITS PLANTS

* SAYS CONTAINMENT MEASURES IN EUROPE, NORTH AMERICA AND SOUTH AFRICA BROADLY STARTED BEING FELT IN SECOND HALF OF MARCH

* SAYS FINANCIAL IMPACT OF COVID-19 THIS FY WILL BE VERY SIGNIFICANT, SAYS IS WORKING WITH BANKS TO ACCOMMODATE THE SITUATION

* SAYS EXTENDING SUBORDINATED BONDS OFFER TO THE MARKET IS UNVIABLE

* SAYS HAS TAKEN MEASURES AT ALL LEVELS OF ITS BUSINESSES TO MITIGATE NEGATIVE IMPACTS OF COVID-19 CRISIS INCLUDING ADAPTING PRODUCTION LEVELS, COST STRUCTURES AND INVESTMENT PLANS

* SAYS IS PREPARING FOR GRADUAL RAMP UP OF OPERATIONS TO RESPOND TO CHANGES IN CIRCUMSTANCES (EASING OF CONTAINMENT AND/OR INCREASING ORDERS)

* SAYS 2020 OUTLOOK WILL BE LARGELY DETERMINED BY DURATION OF PANDEMIC, AS WELL AS SUCCESS OF GOVERNMENT POLICIES TO FIGHT THE VIRUS AND PROTECT ECONOMY

* SAYS CANNOT ESTIMATE IMPACT ON RESULTS, BUT ENVISAGES IT WILL BE SIGNIFICANT OVER THE NEXT QUARTERS, NAMELY DUE TO LOW ACTIVITY LEVELS

* SAYS REDUCTION OF TURNOVER IS ONLY PARTIALLY COMPENSATED BY REDUCTION IN COSTS

Source text: bit.ly/35BideO

Further company coverage: (Gdansk Newsroom)

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