May 21, 2020 / 6:31 AM / 7 days ago

BRIEF-Navigator Q1 Net Profit Down 37.9% At 30.6 Mln Euros YoY

May 21 (Reuters) - Navigator Company SA:

* SAID ON WEDNESDAY Q1 REVENUE 405.8 MILLION EUROS VERSUS 421.8 MILLION EUROS YEAR AGO

* Q1 NET PROFIT 30.6 MILLION EUROS VERSUS 49.3 MILLION EUROS YEAR AGO

* Q1 EBITDA 88.4 MILLION EUROS VERSUS 104.9 MILLION EUROS YEAR AGO

* INCREASE IN IMMEDIATE LIQUIDITY TO 256 MILLION EUROS AT END-MARCH

* SAID IT IS DIFFICULT TO OFFER RELIABLE QUANTIFICATION OF FINANCIAL IMPACTS OF COVID-19 IN FY 2020

* SIGNIFICANT DROPS IN DEMAND FOR UWF PAPER ARE EXPECTED IN Q2, GRADUAL RECOVERY ANTICIPATED UNTIL END OF THE YEAR

* COMPANY TO REDUCE ITS 2020 CAPEX PLANS BY 56%

* COMPANY DECIDED TO EXTEND PREVIOUSLY-ANNOUNCED CUT IN PRODUCTION UNTIL END OF JUNE

* TO APPLY SIMPLIFIED PARTIAL FURLOUGH MEASURE, WHICH WILL AFFECT AROUND 1201 WORKERS FROM JUNE 1, BUT TO MAINTAIN FULL REMUNERATION OF THOSE EMPLOYEES

* BOARD DECIDED TO WITHDRAW PROPOSAL REGARDING DIVIDEND DISTRIBUTION

Source text: bit.ly/36mpnUr

Further company coverage: (Gdansk Newsroom)

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