Eltek ASA - Report third quarter 2010
(Thomson Reuters ONE) -
Eltek ASA reported an EBIT-loss of NOK 64 million and loss before tax of NOK 67
million for the third quarter 2010, significantly impacted by cost adjustments
and provisions in Nera Networks already communicated to the market. Eltek Valere
showed good performance, with strong order entry and continued positive gross
margin development. Cash flow from operating activities for the Group was NOK
24 million in the third quarter.
Overall revenue was NOK 1,322 million in the third quarter, in line with the
previous quarter but down six percent from the third quarter 2009. Order entry
shows a stronger picture, with a sequential increase of 19 percent and a year-
on-year increase of 16 percent.
Eltek Valere reported an order entry of NOK 993 million, up 25 percent from the
third quarter 2009 and 16 percent from the previous quarter. This reflects a
gradual improvement in the telecom power business and increased revenue from
industrial applications, and the company is also gaining traction within its new
business initiatives in hybrid/solar power solutions, solar power inverters and
electric vehicle chargers. Revenue was NOK 796 million in the third quarter, the
gross margin 26.9 percent, and EBIT NOK 53 million.
Nera Networks reported an EBIT-loss of NOK 104 million, including cost
adjustments and provisions of NOK 77 million. Revenue of NOK 356 million was
three percent below the previous quarter and 18 percent below the third quarter
2009. Order entry was NOK 388 million, up 12 percent from the previous quarter
but still 12 percent below the third quarter 2009. In reflection of the weak
development, Nera Networks has in October started a cost reduction project,
which involves headcount reductions both in Norway and internationally. Eltek
continues to evaluate strategic alternatives for the future development of Nera
Networks.
Please find enclosed the interim report for the third quarter 2010 on
http://www.newsweb.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
About Eltek:
Eltek is a strategic technology partner within power solutions and microwave
radio transmission, through its three business units Eltek Valere, Nera Networks
and Nera Telecommunications. The company reported revenue of NOK 5.8 billion in
2009, and had close to 3,330 employees in more than 50 countries at the end of
the year. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen,
Norway.
[HUG#1453766]
Key Figures:
http://hugin.info/86881/R/1453766/394245.pdf
3Q 2010 Report Eltek:
http://hugin.info/86881/R/1453766/394246.pdf
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originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2010 - 08:25 Uhr
Sprache: Deutsch
News-ID 45986
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contact information:
Town:
Drammen
Kategorie:
Business News
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