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Manz AG Posts Wider Loss In 9-month, Revenue Down 6.5%; Revises Guidance

Manz AG (MANZF.PK) reported a net loss of 11.4 million euros in the first nine months of 2019 compared to a loss of 4.9 million euros, last year. Loss per share was 1.44 euros compared to a loss of 0.62 euros per share. EBITDA increased to 5.8 million euros from 3.7 million euros. Earnings before interest and taxes (EBIT) was negative at 7.7 million euros compared to a negative EBIT of 2.4 million euros.

In the first nine months of 2019, Group revenues were at 198.2 million euros, 6.5 percent below previous year. The company said the decline in sales reflects the ongoing customer project delays in the Solar segment, as well as the unmet need for major investments from the electromobility segment in the development of European battery production.

Manz AG's Managing Board has corrected its previous earnings forecast due to the overall economic development. The Management Board now expects a positive EBITDA margin in the lower single-digit percentage range and a negative EBIT in the upper single-digit million range for the 2019 financial year, with revenues slightly below the previous year's level.

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