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BRIEF-Elite Varainhoito H1 operating profit down 48.1% YoY
August 28, 2017 / 6:24 AM / 24 days ago

BRIEF-Elite Varainhoito H1 operating profit down 48.1% YoY

Aug 28 (Reuters) - ELITE VARAINHOITO OYJ:

* ‍OPERATING MARGIN FORECAST FOR 2017 WAS ADJUSTED DOWN TO EUR 1.1-1.6 MILLION​

* ‍H1 GROUP‘S COMPARABLE TURNOVER INCREASED BY 3.6% AND WAS EUR 9.5 MILLION (EUR 9.2 MILLION 1-6/2016)​

* ‍H1 OPERATING PROFIT FOR PERIOD WAS DOWN 48.1% AND CAME TO EUR 0.2 MILLION (EUR 0.4 MILLION 1-6/2016)

* THE COMPANY ESTIMATES THAT THE COMPLETED ACQUISITION OF THE FINNISH OPERATIONS OF ALFRED BERG WILL INCREASE ELITE ASSET MANAGEMENT‘S OPERATING MARGIN BY APPROXIMATELY EUR 2.5-3 MILLION IN 2018, WHICH IT EXPECTS TO LEAD TO AN OPERATING MARGIN OF APPROXIMATELY EUR 5-6 MILLION IN 2018

* IT ALSO ESTIMATES THAT IT WILL INCREASE ITS ABILITY TO IMPROVE PROFITABILITY IN THE MEDIUM TERM ABOVE THE EUR 5-6 MILLION OPERATING MARGIN FORECAST FOR 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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