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.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
