Hungarian road haulier Wabererʼs International booked a second-quarter loss of EUR 9.1 million as margins narrowed, an earnings report released by the listed firm late Wednesday shows.
Revenues fell by more than 6% to EUR 172.7 mln, while direct costs edged down just 2% to EUR 146.8 mln, state news agency MTI reported. Wabererʼs had an operating loss - on recurring items - of EUR 5.9 mln.
CEO Robert Ziegler said the company was impacted by a dramatic drop in U.K. business in April as warehouses were filled in preparation for a no-deal Brexit at the end of March. He added that the companyʼs customer base is "well prepared" for a potential no-deal Brexit on October 31, but "uncertainties remain."
Ziegler also blamed functionality issues with a new SAP-based transport management system for lost orders in April. The new system is up and running, albeit with some fixes still necessary, he added. Ziegler noted that the company is continuing earlier announced transformational initiatives affecting its international activities.
"I am confident that visible improvements from these initiatives will be achieved in the second part of the year," he stated.
Wabererʼs is listed in the Equities Prime category of the Budapest Stock Exchange (BÉT).