Weifa ASA Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year 2017
For the six months, the company reported total revenues of NOK 198,161,000 compared to NOK 191,497,000 a year ago. Operating profit was NOK 35,920,000 against NOK 27,238,000 a year ago. Profit before tax was NOK 28,975,000 against NOK 399,000 a year ago. Profit for the period was NOK 22,022,000 against NOK 301,000 a year ago. Diluted earnings per share were NOK 0.58 against loss of NOK 0.01 a year ago. Net cash flow from operating activities was NOK 50,424,000 against NOK 17,795,000 a year ago. Purchase of equipment was NOK 294,000. EBITDA was NOK 42,297,000 compared to NOK 33,610,000 a year ago. Adjusted EBITDA was NOK 44.358 million compared to NOK 40.504 million a year ago.
For the year 2017, the company expected an adjusted EBITDA margin on a par with the 2016 level owing to geographical market expansion. The EBITDA margin is expected to improve gradually in a long-term perspective.