HansaMatrix raises Q1 consolidated revenue 3% y-o-y

• Published date: 12 May 2022
• Publication title: LETA

RIGA, May 12 (LETA) - Latvia's listed high-tech group HansaMatrix closed the first quarter of 2022 with EUR 6.03 million in consolidated revenue, which is an increase of 3 percent against the same period a year ago, and the group sustained a consolidated loss of EUR 45,969 in contrast to a profit made a year ago, the company said in a statement to Nasdaq Riga.

The group's earnings before interest, taxes, amortization and depreciation (EBITDA) expanded 98 percent against the fourth quarter of 2021 to EUR 809,000, but fell 35 percent from the first quarter of 2021. Quarterly results represent an EBITDA margin of 8.99 percent and a normalized net profit margin of 2.15 percent.

In the first quarter of 2022, Baltic clients ensured 44 percent of the group's total revenue. Sales in Nordic countries and other EU member states accounted for 25 percent and 23 percent, respectively. In the first quarter of the year HansaMatrix continued to ship products to clients also outside the EU, which generated 8 percent of the first-quarter revenue.

The net profit of the group in the first quarter of 2022 was negatively influenced by several non-cash related items, including loss from investments in associates in amount of EUR 0.220 million, EIB loan fair value change provisions in amount of EUR 0.085 million and interest expense related to leases in amount of EUR 0.037 million. For better inter-period profitability comparisons, the group calculates normalized net profit which in the first quarter of 2022 amounted to EUR 0.129 million, decreasing by 77 percent on year.

In the first quarter...