{"id":532,"date":"2010-08-11T00:00:00","date_gmt":"2010-08-11T00:00:00","guid":{"rendered":"https:\/\/www.asbis.com\/news\/?p=532"},"modified":"2023-07-28T14:18:58","modified_gmt":"2023-07-28T14:18:58","slug":"asbis-in-h1-2010-significant-increase-in-revenues","status":"publish","type":"post","link":"https:\/\/news.asbis.com\/news\/press\/asbis-in-h1-2010-significant-increase-in-revenues\/","title":{"rendered":"ASBIS in H1 2010: Significant Increase in Revenues and Gross Profit but Results Affected by Steep Currency Movements"},"content":{"rendered":"

Press-release<\/p>\n

Limassol, 11th August 2010 — ASBISc Enterprises Plc, a leading distributor of IT products in emerging markets of Europe, Middle East and Africa, posted revenues of USD 270 million for the second quarter of 2010, 16.6% higher than in Q2 2009.  For the whole H1 2010 revenues grew even stronger, by 28% to USD 600 million from USD 469 million in H1 2009, while gross profit grew by 44.66% to USD 27.3 million compared to USD 18.9 million in H1 2009. These results represent ASBISC’s stronger market position, that enables the Company to benefit from reviving demand. Despite strong growth in sales and gross profit, ASBISc Q2 2010 results were adversely affected by the steep currency movements against the U.S. Dollar, the Group’s reporting currency. Net loss for the period was U.S.$ 1.9 million as opposed to U.S.$ 6.5 million for the corresponding period of 2009.<\/strong><\/p>\n

\n

“We were able to increase our sales significantly in both Q1 and Q2 2010 compared to corresponding periods of 2009. This was possible mostly because of upgraded product portfolio and winning market share from weaker competitors in many countries of our operations. This resulted in increase of sales in all our major regions and countries. We have experienced strong increase in sales in some of our biggest markets like + 77.36% in Russia and +45.61% in Ukraine. On the other hand, the currency environment is still not favorable for us. Due to steep volatility of local currencies to U.S. Dollar and movements on USD\/EUR pair, we were exposed to high currency risk. Adding the prudent bad debt provisions that we decided to recognize now in order to avoid such case later this year, it ended with USD 1.9 million loss for the H1 2010. It is still three times lower loss than in the corresponding period of 2009, but we are definitely not satisfied and determined to close 2010 profitable.”<\/em>– commented Siarhei Kostevitch, CEO and Chairman of ASBISc Enterprises Plc.<\/p>\n<\/blockquote>\n

Financial results in H1 2010 and H1 2009<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In USD thousands<\/strong><\/td>\n\n

H1 2010<\/strong><\/p>\n<\/td>\n

\n

H1 2009<\/strong><\/p>\n<\/td>\n

\n

Change<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Revenues<\/strong><\/p>\n<\/td>\n

\n

600,556<\/p>\n<\/td>\n

\n

469,169<\/p>\n<\/td>\n

\n

+28.00%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit before currency movements<\/strong><\/p>\n<\/td>\n

\n

31,325<\/p>\n<\/td>\n

\n

23,094<\/p>\n<\/td>\n

\n

+35.64%<\/p>\n<\/td>\n<\/tr>\n

\n

Currency movements on gross profit<\/strong><\/p>\n<\/td>\n

\n

-4,033<\/p>\n<\/td>\n

\n

-4,228<\/p>\n<\/td>\n

\n

-4.61%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit after currency movements<\/strong><\/p>\n<\/td>\n

\n

27,291<\/p>\n<\/td>\n

\n

18,886<\/p>\n<\/td>\n

\n

+44.66%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit margin before currency movements<\/strong><\/p>\n<\/td>\n

\n

5,22%<\/p>\n<\/td>\n

\n

4,92%<\/p>\n<\/td>\n

\n

+6.10%<\/p>\n<\/td>\n<\/tr>\n

\n

Gross profit margin after currency movements<\/strong><\/p>\n<\/td>\n

\n

4,54%<\/p>\n<\/td>\n

\n

4,02%<\/p>\n<\/td>\n

\n

+12.94%<\/p>\n<\/td>\n<\/tr>\n

\n

Administrative expenses<\/strong><\/p>\n<\/td>\n

\n

-11,253<\/p>\n<\/td>\n

\n

-10,925<\/p>\n<\/td>\n

\n

+2.99%<\/p>\n<\/td>\n<\/tr>\n

\n

Selling expenses<\/strong><\/p>\n<\/td>\n

\n

-15,256<\/p>\n<\/td>\n

\n

-12,239<\/p>\n<\/td>\n

\n

+24.65%<\/p>\n<\/td>\n<\/tr>\n

\n

Operating profit\/loss<\/strong><\/p>\n<\/td>\n

\n

783<\/p>\n<\/td>\n

\n

-4,299<\/p>\n<\/td>\n

\n

n\/a<\/p>\n<\/td>\n<\/tr>\n

\n

EBITDA<\/strong><\/p>\n<\/td>\n

\n

2,249<\/p>\n<\/td>\n

\n

-2,866<\/p>\n<\/td>\n

\n

n\/a<\/p>\n<\/td>\n<\/tr>\n

\n

Net profit\/loss<\/strong><\/p>\n<\/td>\n

\n

-1,933<\/p>\n<\/td>\n

\n

-6,520<\/p>\n<\/td>\n

\n

n\/a<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Summary of growth trend:<\/h2>\n