Kjell Group AB (KJELL.ST), a Swedish provider of consumer electronics accessories, on Wednesday reported a net loss in third quarter, compared to prior year's profit, mainly hurt by depreciation of tangible and intangible assets and weak sales.
Looking ahead, the company expects net sales growth to exceed 5 percent, and adjusted EBITA-margin in the range of 6 percent to 8 percent.
On the Stockholm Exchange, the shares were trading 4.28 percent lower, at 9.62 Kronor.
In the third quarter, the firm reported a net loss of 344.52 million Swedish Kronor, compared to a net profit of 4.16 million Swedish Kronor a year ago.
Loss per share amounted to 5.82 kronor compared to earnings per share of 0.13 Krona in the prior year.
Loss before tax amounted to 347.92 million Kronor, compared to pre-tax profit of 5.20 million Kronor last year.
Operating loss was reported in the third quarter amounting to 340.15 million Kronor, compared to profit of 14.87 million Kronor in the prior year.
Adjusted EBITA totalled 16.7 Million Kronor, down from 21 million Swedish Kronor last year. Adjusted EBITA margin was 2.8 percent, lower than prior year's 3.4 percent.
Depreciation/amortisation of tangible and intangible assets amounted to 316.58 million kronor from 47.27 million kronor in the prior year, mainly related to impairments of intangible assets arising from the acquisition of AV-Cables.
Net sales declined 5.4 percent to 590.88 million Kronor from 624.34 million Kronor a year ago. On a comparable basis, net sales fell 4.7 percent.
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