March 24, 2020 / 6:58 AM / 16 days ago

BRIEF-Efecte FY EBITDA Loss Narrows To 1.0 Million Euros

March 24 (Reuters) - Efecte Oyj:

* DUE TO CORONAVIRUS SITUATION, EFECTE WILL ISSUE GUIDANCE FOR YEAR 2020 LATER

* FY EBITDA WAS -1.0 MILLION EURO (-2.0) AND OPERATING PROFIT -1.4 MILLION EURO

* EFECTE’S FY NET SALES IN 1-12/2019 WERE 13.8 MILLION EURO VERSUS 12.2 MILLION EURO

* PANDEMIC CAUSED BY COVID-19 IS BLURRING SHORT-TERM OUTLOOK

* SEES EFFECTS OF CORONAVIRUS IN SHORT TERM MOST VISIBLE IN SERVICES BUSINESS

* IN 2019, LEGACY MAINTENANCE REVENUE REMAINED, EXCEPTIONALLY, STABLE AT PREVIOUS YEAR LEVELS BUT IN 2020 SEE RETURN TO DOWNWARD TRAJECTORY

* BOARD OF DIRECTORS PROPOSES THAT NO DIVIDEND IS DISTRIBUTED FROM FINANCIAL PERIOD OF 2019 AND PROFIT IS LEFT IN EQUITY

* EXPECT NET SALES IN TRADITIONAL MAINTENANCE TO DECREASE IN 2020 BUT CURRENTLY IT MAKES UP ONLY 10 % OF OUR TOTAL NET SALES

* DUE TO CORONAVIRUS, WE DO NOT AT THIS STAGE GIVE GUIDANCE FOR YEAR 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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