DGAP-News
Results Q1/2017: Petro Welt Technologies AG with strong increase in sales revenues und EBITDA
DGAP-News: Petro Welt Technologies AG / Key word(s): Quarter Results Results Q1/2017: Petro Welt Technologies AG with strong increase in sales revenues und EBITDA |
- Sales revenues in euros increased by 30.7% to EUR 79.8 million
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- EBITDA rose to EUR 17.1 million (+10.8%)
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- Group result decreased by 1.5% to EUR 4.2 million
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- Equity base increased by 8.9% - equity ratio at 57.9%.
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Vienna, May 22, 2017 - In the first quarter of 2017, consolidated revenues in euros showed a 30.7% increase compared to the prior-year period.
The 10.5% increase in revenues generated by the Well Services segment in euros to EUR 38.8 million in the period under review is primarily due to the average revenue per job, which was kept in
euros, and the successful fulfillment of the production program.
Revenue generated by the Drilling, Sidetracking and IPM segment in euros rose by 57.7% to EUR 41.0 million in the first three months of 2017. The average revenue per job in euros was up by 34.0%
and there was an increase of 17.6% in the job count following the geographical expansion of conventional drilling services.
At EUR 5.58 million, profit before tax exceeded a level of the prior-year period (Q1/2016: EUR 5.31 million). Net profit of EUR 4.2 million was kept at a level of Q1/2016 (EUR 4.3 million) due to
the higher income tax expense of EUR 1.3 million (Q1/2016: EUR 1.0 million).
The EBITDA margin decreased to 21.4% during the period under review, compared to 25.3% in the prior-year period. The gross profit margin decreased due to unchanged gross profit but higher sales
revenues (11.7% in the first quarter of 2017 compared to 14.9% in the previous year). Cost of sales control and the improvement in the net financial result enabled the Group to keep its operating
cash flow at relatively comfort level of EUR 14.5 million (Q1/2016: EUR 19.3 million). Intensified accounts payable turnover caused by extended production program contributed to the decrease of
operating cash flow. The liquidity position calculated as the sum of cash and cash equivalents and bank deposits, increased from EUR 113.7 million as of December 31, 2016 to EUR 131.2 million as of
March 31, 2017.