The automotive supplier and connection technology provider Norma felt the effects of the weak economic environment in the third quarter.
In addition, higher personnel and logistics costs weighed on the operating result. Earnings before interest, taxes and special items for continuing operations fell by almost half to 3.8 million euros, as the SDAX company NORMA announced on Tuesday in Maintal, Hesse. The automotive supplier excludes the water management division, which it sells to the US company Advanced Drainage Systems. The previous year’s figures were adjusted accordingly.
Without the division being sold, sales shrank by more than 4.3 percent to 197.5 million euros in the three months to the end of September. Unfavorable exchange rates also had a negative impact on revenue here – if you exclude these, the decline was 1.1 percent.
The bottom line is that the group slipped into the red due to a need for value adjustments. The deficit in continuing operations amounted to 52 million euros. In the previous year the company made a profit of 3.3 million euros. The company confirmed its annual targets for continuing operations.
/mne/mis
MAINTAL (dpa-AFX)
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