Elektrobit Group Oyj - ELEKTROBIT GROUP PLC'S SECOND QUARTER
June 13, 2003
ELEKTROBIT GROUP PLC'S SECOND QUARTER
According to the estimate of Elektrobit Group Plc, the operating profit for the second year quarter 2003 will improve over the second quarter of 2002 (0.8 million euros), however remaining under 2 million euros. Thus the operating profit will remain clearly under the level of the operating profit for the first quarter of 2003. The net sales of the second quarter 2003 is expected to be similar compared to second quarter of 2002 (35,2 million euros). With respect to whole year 2003 the Company estimates that the profitability improves considerably compared to the pro forma level of 2002. In addition to improved profitability, the Company also believes in a modest increase of net sales compared to the pro forma level of 2002.
Earlier the Company estimated that the operating profit for the second year quarter 2003 will remain similar to the operating profit of the first quarter of 2003 (3,6 million euros).
The revised outlook resulted from the weaker than expected development in the operations of Contract R&D business unit in USA and the impact of Asian events on the development of Testing business unit's operations in that area. Further measures to improve profitability in the Automation Solutions business unit have continued during the second quarter. Said measures have caused greater than expected non-recurring expenses during the second quarter. Such non-recurring expenses are, among others, due to transfer of manufacture of Material Handling equipment from Oulunsalo to Kuopio.
The Interim Report of the second quarter will be released on August 6, 2003.
In Oulunsalo, June 13, 2003
Elektrobit Group Plc.
The Board of Directors
