In Q2, the spare parts distributor recorded PLN 943 m in revenues, 25% more than last year. The operating profit increased by 44 per cent, to PLN 54 m – by 67 per cent net – to PLN 50 m. 

“In my opinion the results are very good. The company has recorded an impressive growth in revenues and sales profits, which went up from PLN 39 m last year to the present PLN 65 m. The net result may have been a bit lower than the consensus, but it met my expectations. The PLN 11 m revaluation write-down had a negative effect, of which PLN 5.3 m resulted from the loss of value of shares and receivables in the affiliated company, and should be treated as non-recurrent event” – says Sylwia Jaśkiewicz, an analyst of IDMSA.

“I previously forecasted that in the entire 2013 the company would reach a net profit of PLN 137 m. In the second half of the year the sales should be two-digit and the company’s margins should increase (in the first half of the year they were affected by Fota’s sell-out). All this makes my forecasts sound conservative and inaccurate. But the goal announced the management board that the annual revenues will reach PLN 4.4 b is realistic and meets my forecasts” – adds Jaśkiewicz.

“The stocks of Inter Cars have increased by 90 per cent since the beginning of the year. - That’s far better than just an improvement. Their price may be affected by the monthly sales data still to come. The sales are likely to be a bit lower than in July (+23 per cent), but September may be better” – says Jaśkiewicz.

source: Parkiet
Warsaw,
29th August 2013
DZ. / No 200

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