Amica Q3 profit drops

WSE-listed white goods producer Amica had PLN 22.1 million net profit in Q3, down by 36.2 percent y/y. EBIT stood at PLN 30.3 million, a 33.4 percent y/y decrease, while revenues reached PLN 705.2 million, an 8.5 percent y/y increase. “The third quarter of 2016 was a high benchmark, so analysts' forecasts were higher than a year earlier. Transitional factors such as product and geographic mix and stockpiling of distributors in Poland were significant. Nevertheless, the EBITDA profitability for three quarters of this year is a high 7.5 percent, in the middle of the range of 7-8 percent for the whole year,” said deputy CEO Wojciech Kocikowski.