2021-11-15 17:56, akt.2021-11-15 18:40
publication
2021-11-15 17:56
update
2021-11-15 18:40
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Mercator Medical’s net profit in the third quarter dropped to PLN 39.5 million from PLN 355.8 million a year ago, the company announced in the report. Earlier, the company estimated that the profit would amount to PLN 36.3 million.
Net profit in the third quarter fell by 88.9%. year on year and by 65.3 percent. on a quarter-to-quarter basis.
Consolidated sales revenues of Mercator Medical in the third quarter amounted to PLN 361.7 million compared to PLN 592 million a year earlier. Revenues were in line with the company’s estimates presented in mid-October.
In the third quarter of 2021, the group’s revenues decreased by 40.1% compared to the corresponding period of the previous year.
The consolidated EBITDA result of the manufacturer and distributor of medical gloves in the third quarter amounted to PLN 58 million and was higher than the company’s estimates which assumed EBITDA at the level of PLN 49 million. EBITDA fell by 85.2 percent. year on year.
Cumulatively, for the three quarters of 2021, the group’s revenues increased by 22.6%. yoy to PLN 1.45 billion mainly due to the increase in unit prices of gloves offered by the group in the first quarter of 2021 compared to the same period in 2020. Cumulative for three quarters of 2021 compared to the same period of 2020 price unit glove increased by 50%.
In quantitative terms, the sale of gloves in the third quarter of 2021 compared to the same period of the previous year was by 17.9%. lower (nearly 286.7 million gloves were sold less than in the third quarter of 2020).
Selling and general and administrative costs for three quarters of 2021 amounted to PLN 85.6 million and were 26.6% higher. higher than a year ago (5.9% of the value of revenues), which was related to higher logistics costs and the development of sales structures and sales support.
For the three quarters of 2021, the gross margin on the sale of goods and materials was 13.9%. In the third quarter of 2021 alone, the margin was negative and amounted to -12.9%.
“Such a significant decrease in the margin on the sale of goods was caused by the sale in the third quarter of 2021, mainly of goods purchased in the third and fourth quarter of 2020 (natural time shift due to transport time and sales processes), while in the Issuer’s environment there were clear falls in glove market prices, “the report wrote.
The company said it was considering the possibility of a further decline in margins on goods sold due to the continued global downward trend in the prices of disposable gloves.
“The Issuer’s Management Board, however, expects that the final new equilibrium on the disposable gloves market – although its formation cannot yet be indicated – should mean that the margin on sales of goods is at a level equal to or higher than in the pre-pandemic periods” – it was written in the release. (PAP Biznes)
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