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Lockdown bites into Wabererʼs Q1 revenue

First-quarter revenue of listed Hungarian logistics company Wabererʼs fell 4.6% year-on-year to EUR 173.8 million because of lockdowns to contain the spread of the coronavirus in March, state news wire MTI reports.

According to an earnings report, direct costs rose 5.2% to EUR 144.4 mln during the period.

Wabererʼs booked a EUR 2.5 mln loss on recurring items, narrowing from a EUR 4.4 mln loss in the base period.

The report shows a 13.4% fleet reduction to 3,758 trucks and a 12.9% cut in truck drivers to 5,055.

Wabererʼs noted it has been designated an "essential" company by Hungaryʼs government and is assisting the Army with the delivery of protective gear and other materials needed for the pandemic defense effort.

"Wabererʼs is happy to do its part in overcoming the current crisis and remains ready to provide spare capacities to the authorities," said interim CEO Barna Erdélyi.