Eltek ASA - Report second quarter 2010
(Thomson Reuters ONE) -
Eltek ASA reported revenue of NOK 1,326 million, EBIT of NOK 23 million, and
profit before tax of NOK 9 million for the second quarter 2010. The revenue
increase from the first quarter and return to positive operating profit was in
line with the expectations communicated in the interim report for the first
quarter.
Revenue increased 18 percent from the first to the second quarter but declined
11 percent from the second quarter 2009. Order entry was up 11 percent from the
first quarter but down three percent from the same period last year.
Eltek Valere showed a positive development in both gross margin and results in
the second quarter, and reported EBIT of NOK 53 million in the second quarter.
Nera Networks reported negative EBIT of NOK 38 million, including project cost
charges of NOK 27 million related to two long-running projects in Brazil.
NeraTel reported EBIT of NOK 20 million in the second quarter. Corporate costs
amounted to NOK 12 million in the quarter.
Net financial items were a negative NOK 14 million in the second quarter, and
profit before tax NOK 9 million.
Eltek Valere believes that the telecom power market will stabilize during 2010,
and also expects to see gradually stronger revenue impact from growth
initiatives for industrial applications, hybrid power solutions, solar power
inverters and electric vehicle chargers in the second half of the year.
Nera Networks saw too low revenue and gross margin levels to generate positive
operating profit in the first half 2010. In addition to the company's measures
to improve the product offering and product cost level, Eltek is also evaluating
strategic alternatives for the further development of Nera Networks.
Working capital management remains a key priority with an aim to generate
positive free cash flow in all the business segments for the full year 2010.
Please find enclosed the interim report for the second quarter 2010
onhttp://www.newsweb.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1438844]
Report 2nd quarter 2010:
http://hugin.info/86881/R/1438844/383294.pdf
Key Figures:
http://hugin.info/86881/R/1438844/383295.pdf
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Source: Eltek ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 19.08.2010 - 08:25 Uhr
Sprache: Deutsch
News-ID 39809
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Town:
Drammen
Kategorie:
Business News
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