April 30, 2020 / 6:46 AM / in a month

BRIEF-Festi Q1 Gross Profit From Sales Rises To ISK 4,321 Million

April 30 (Reuters) - Festi hf:

* SAID ON WEDNESDAY GROSS PROFIT FROM SALES IN Q1 2020 AMOUNTED TO ISK 4,321 MILLION COMPARED TO ISK 4,231 MILLION IN Q1 2019

* OPERATING EXPENSES IN Q1 2020 ISK 3,301 MILLION COMPARED TO ISK 2,902 MILLION ON Q1 2020

* COVID-19 OUTBREAK CAME INTO PLAY WITH THE CONGREGATION BAN IN MARCH, WHICH HAD A SIGNIFICANT IMPACT ON THE GROUP DURING Q1 AND WILL HAVE AN IMPACT OVER THE NEXT FEW MONTHS

* N1’S OPERATIONS WERE HOWEVER HIGHLY IMPACTED BY THE CONGREGATION BAN, DECLINE IN TOURISM AND REPORTED LOSS ON INVENTORY DUE TO FALLING FUEL PRICE IN THE WORLD MARKET

* FESTI IS COMMITTED TO ACHIEVE ITS MID- AND LONG TERM GROWTH TARGETS

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Further company coverage: (Gdansk Newsroom)

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