Eltek ASA - Report first quarter 2010
(Thomson Reuters ONE) -
Continued challenging market and currency effects led to a revenue decline and
operating loss for Eltek in the first quarter 2010. The EBIT-loss of 19 million
was somewhat better than earlier announced, and the company reports a positive
free cash flow of NOK 22 million for the first quarter. The subsidiary Eltek
Valere maintains healthy gross margin and reports positive operating results
despite relatively low market activity.
Group revenue was NOK 1,125 million in the first quarter 2010, which was a
decline of 19 percent from the first quarter 2009 and down 10 percent adjusted
for currency. Gross profit was NOK 266 million and the gross margin 23.7
percent.
Net financial items were NOK -33 million, generating a loss before tax of NOK
52 million in the first quarter 2010.
Eltek Valere believes the telecom power market will stabilize during 2010, and
expect to see continued growth within industrial applications. The company is
also gaining traction in the new business areas in hybrid/solar power solutions,
inverters for the solar grid market, and battery chargers for electrical
vehicles. Nera Networks has broadened its Evolution Series radio portfolio over
the past years, and should benefit from an expected upturn in the overall
point-to-point microwave equipment market.
Overall, Eltek expects higher revenue and a positive operating result already in
the second quarter of the year.
Due to the seasonality of business volumes, working capital must be expected to
fluctuate between quarters. However, working capital management remains a key
priority with an aim to generate positive free cash flow in all segments for the
full year 2010.
Please find enclosed the interim report for the first quarter 2010 on
http://www.newsweb.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1409007]
Key Figures: http://hugin.info/86881/R/1409007/361602.pdf
Report 1st quarter 2010: http://hugin.info/86881/R/1409007/361601.pdf
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2010 - 08:25 Uhr
Sprache: Deutsch
News-ID 19832
Anzahl Zeichen: 0
contact information:
Town:
Drammen
Kategorie:
Business News
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