Aspo disclosed its preliminary Q1 figures already on Apr 9, in addition to withdrawing guidance for FY ’20, so there was little surprise with regards to the results released today. The pandemic did hurt Q1 figures to some extent, but the impact will be felt harder during Q2.
Aspo Q1 revenue stood at EUR 133.2m, down 6% y/y.
Q1 EBIT was EUR 4.0m. Lower shipping rates in early Q1, due to the situation in China back then, affected ESL’s profitability, while in our view Telko and Leipurin managed relatively strong operating profits. Q2, however, is bound to be worse for all three.
ESL Shipping’s top line was EUR 42.7m (EUR 43.7m a year ago) while EBIT amounted to EUR 2.3m (EUR 3.2m a year ago). Q1 cargo volumes declined slightly y/y from 3.6m to 3.5m tonnes. Volumes for smaller vessels remained at a normal level. ESL can operate normally, but both demand and shipping rates are set to fall further during Q2.
Telko’s Q1 revenue was EUR 63.6m i.e. down 12% y/y, and EBIT came in at EUR 2.4m (EUR 2.4m a year ago). Aspo expects volumes to decline rapidly during Q2.
Leipurin posted EUR 26.9m revenue, up 4% y/y, and EUR 0.6m EBIT (EUR 0.5m a year ago). Aspo says the pandemic will have a significant negative impact on Q2 figures.
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