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KROMI Logistik AG publishes preliminary figures for the first nine months of fiscal year 2008/2009
After extraordinary factors, EBIT for the first nine months of 2008/2009 totaled EUR 92 thousand compared to EUR 1,697 thousand in the same period of the previous year. In particular the loan-loss provision of EUR 931 thousand depressed results. This provision was formed with regard to the application for insolvency proceedings filed by a customer in the automotive supply sector on April 7, 2009. KROMI Logistik AG is thus profitable despite this extraordinary factor and the continuing economic crisis during the nine-month period. After adjustment for this item resulting from this customer's provisional bankruptcy, EBIT for the first nine months totaled EUR 1,024 thousand.
In the third quarter (January to March 2009), KROMI Logistik AG recorded preliminary revenues of EUR 7,779 thousand compared to EUR 10,613 thousand in the previous year.
This figure is thus 26.7% lower. Including the loan loss provision of EUR 931 thousand, EBIT in the past third quarter of fiscal year 2008/2009 totaled EUR -798 thousand.
The company's development during the period under review was due, in particular, to the strong downturn in order intake in the engineering and automotive supply segments. Customers in these segments adjusted their production in line with order intake as a result of the continuing economic crisis. In contrast, KROMI Logistik AG benefited from its mix of industries and products - both the aviation and shipping segments and new customers supported business growth during the period under review.
The Managing Board is forecasting revenues for the entire 2008/2009 fiscal year to be lower than in the previous year, as well as a balanced EBIT, taking the extraordinary factor described above into account.
KROMI Logistik AG will publish its full nine month report for 2008/2009 on May 12, 2009 on its Web site www.kromi.de in the "Investor Relations" segment.
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