Lecta posts lower loss in Q1 compared to previous quarter

摘要

Fine and specialty paper group Lecta was not able to get back in the black in the opening quarter of 2021. The group posted an operating loss of €23m and a net loss of €15.5m in the first quarter 2021. However, the group's results showed some improvement against the final quarter of 2020 when the operating loss and net loss stood at €25m and €23m, respectively. Compared with last year's first quarter, Lecta's current net result is significantly weaker, but its operating result improved. However, the figures for the first three months of 2020 were influenced by the company's financial restructuring and recapitalisation. Operating earnings last year were very low because of additional goodwill impairment and expenses related to financial restructuring. On the other hand, the restructuring also led to a financial gain of €320m, which resulted in a significant net profit in the first quarter of last year. Lecta's business has been hit hard by the Cov-id-19 pandemic. The group's consolidated sales in the first quarter of 2021 amounted to around €271 m, 14 per cent less than in last year's corresponding quarter, which the company attributes to lower deliveries due to the pandemic and weaker selling prices. Compared with the first quarter of 2020 when Lecta sold 300,0001 of paper, deliveries this year amounted to just 265,0001 - and they were made at roughly 5 per cent lower prices, the company adds.