April 24, 2020 / 11:07 AM / a month ago

BRIEF-CIR Q1 Net Result Turns To Loss of EUR 12.2 Mln

April 24 (Reuters) - CIR SpA - Compagnie Industriali Riunite :

* Q1 NET LOSS EUR 12.2 MILLION VERSUS NET PROFIT EUR 3.8 MILLION YEAR AGO

* Q1 REVENUE EUR 531.5 MILLION VERSUS EUR 530.2 MILLION YEAR AGO

* HAS SOLID BALANCE SHEET, WITH NET FINANCIAL POSITION OF EUR 280.7 MILLION

* UNCERTAINTY REGARDS EVOLUTION OF SOGEFI’S ACTIVITY, DUE TO IMPACT ON COVID-19 ON AUTOMOTIVE SECTOR

* ON COVID-19 CRISIS, GROUP HAS IMPLEMENTED MEASURES TO REDUCE COSTS AND MINIMIZE DISBURSEMENTS FOR CURRENT COSTS AND INVESTMENTS NOT STRICTLY NECESSARY

* GROUP ALSO REGULARLY ASSESSES LIQUIDITY POSITIONS

* GROUP PREPARES FOR RECOVERY, PROVIDING FOR IMPROVED SAFETY STANDARDS FOR STAFF AND COST FLEXIBILITY, IN RELATION TO VOLUMES THAT WILL BE PENALIZED FOR A TIME BY CIRCUMSTANCES

* SEES NET FINANCIAL POSITION AT ABOUT EUR 380 MILLION AT END OF APRIL Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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