May 21, 2020 / 6:03 AM / 7 days ago

BRIEF-Sonae Q1 Net Results Swing To Loss Of 59 Mln Euros On COVID-19 Contingencies

May 21 (Reuters) - Sonae SGPS SA:

* SAID ON WEDNESDAY Q1 TURNOVER 1.55 BILLION EUROS VERSUS 1.45 BILLION EUROS REPORTED YEAR AGO

* Q1 NET LOSS 59 MILLION EUROS VERSUS PROFIT 18 MILLION EUROS REPORTED YEAR AGO

* Q1 EBITDA 128 MILLION EUROS VERSUS 134 MILLION EUROS REPORTED YEAR AGO

* Q1 UNDERLYING EBITDA 100 MILLION EUROS VERSUS 102 MILLION EUROS REPORTED YEAR AGO

* Q1 NET RESULT IMPACTED BY NON-CASH CONTINGENCIES OF 76 MILLION EUROS RELATED TO COVID-19

* CEO SAID ALL BUSINESSES HAVE BEEN STRONGLY IMPACTED BY CORONAVIRUS PANDEMIC

* COMPANY DOES NOT FORESEE ANY ADDITIONAL FINANCING NEEDS IN THE SHORT TERM

* SAID IT IS NOT POSSIBLE TO PROVIDE ACCURATE ESTIMATES OF FINANCIAL IMPACTS OF COVID-19 IN FULL-YEAR ACCOUNTS

Source text: bit.ly/2LPjUMk Further company coverage: (Gdansk Newsroom)

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