DGAP-News Petro Welt Technologies AG: 9M/2020 Results: Sound profit indicators despite difficult economic and industrial environment
DGAP-News: Petro Welt Technologies AG / Key word(s): Quarterly / Interim Statement/Quarter Results
Despite the drop in revenue, Group EBIT rose by 21.5% to EUR 17.9 million for the first three quarters of 2020. This was mainly due to the strong performance of the Drilling and Sidetracking segment, which was the main contributor on the whole to the improvement in the Group's key figures. The segment's gross profit for the reporting period jumped by 26.8% to EUR 20.3 million, while its operating profit doubled (+77.4%) to EUR 15.1 million. In addition, thanks to its continued focus on cost optimization, the Group not only reduced administrative expenses by 2.6%, from EUR 16.4 million in the first three quarters of 2019 to EUR 16.0 million in the first three quarters of 2020, but also lowered both direct production costs and maintenance costs over the same period.
The revaluation of the Group's hard currency assets in Russia caused net financial income to soar by 127.3% in the third quarter, increasing by 28.1% overall, from EUR 3.7 million in the first nine months of 2019 to EUR 4.7 million in the first nine months of 2020. The profit before tax thus climbed by 22.8% from EUR 18.4 million in the first three quarters of 2019 to EUR 22.6 million in the first three quarters of 2020. Based on the profit accumulated during the first half of 2020, therefore, most of PeWeTe's profit indicators for the fiscal year's first three quarters exceeded those for the same period of the previous year.
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