Waberer’s books Q4 loss, reiterates commitment to turnaround
Listed Hungarian logistics company Wabererʼs booked a fourth-quarter loss of EUR 22.2 million, widening from EUR 17.6 mln in the base period, state news wire MTI reports citing an earnings report posted on the website of the Budapest Stock Exchange.
Wabererʼs noted that adjusted for non-recurring items, the Q4 loss came to just EUR 4.2 mln.
Revenue fell 8% to EUR 171.6 mln as the company reduced its fleet size as part of restructuring measures.
Wabererʼs put the value of vehicles on its balance sheet at EUR 154.1 mln at the end of 2019, down from EUR 321.5 mln at the end of 2018.
Interim CEO Barna Erdélyi said Wabererʼs remains "dedicated to achieving the turnaround of our group" but added that the coronavirus pandemic "poses a challenge unseen before".
"In the current volatile environment, it is essential to maintain our duties to our clients, colleagues, creditors, and shareholders. We are looking forward to serving them in these challenging times and will do our best in responding to the call of the government to help keep Hungary’s crucial supply chain systems uninterrupted," he added.
Wabererʼs said revenue of its international trucking business was "roughly" halved since the middle of March, after which time it pulled 1,200 vehicles from service and cut payroll costs and discretionary spending. Wabererʼs domestic business has benefited from an increase in demand in some core activities, such as food transport, it added.
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