Listed Hungarian road haulier Wabererʼs International booked a first-quarter loss of EUR 4.4 million as margins narrowed, an earnings report released late Wednesday shows, as reported by state news agency MTI.
Revenues edged up close to 2% to EUR 182.2 mln, but direct costs increased a little more than 3% to EUR 152.3 mln. Wabererʼs had an operating loss - on recurring items - of EUR 2.7 mln.
CEO Robert Ziegler said the Q1 loss "reflects that the headwinds on the transportation and logistics market that we faced in 2018 have not disappeared," adding that "the Brexit saga continues to increase the unpredictability in the market."
Ziegler said management have taken steps to "put the customer more in focus and to enable us to respond to their needs more flexibly," as well as redesigning driversʼ incentives and merging fleet and forwarding operations. Management is also working on making planning "more intelligent," improving IT, and addressing HR issues, he added.
"These changes are substantial and will not take effect overnight, but we are confident to see the first signs of improvement in the second half of the year," Ziegler said.
Wabererʼs net financial indebtedness stood at EUR 257.9 mln at the end of March, noted MTI.