Polytec posted a loss after nine months, but its sales increased

Polytec, the top Austrian listed car supplier, made more sales after nine months, but still posted a loss at the end of the day. Compared to the same period last year, sales rose by 12.7 percent to 485.2 million euros. The result after taxes was minus 8.7 million euros, after minus 1.9 million euros the previous year.

In the summer, the company initiated measures to improve operational efficiency. This had a positive impact in some cases, but significant additional costs due to additional shifts, higher staff levels and other special expenses had a negative impact on the company’s profits, according to the statement.

Earnings before taxes, interest, depreciation and amortization (EBITDA) amounted to €22.3 million in the first nine months of 2023, after €25.0 million in the previous year. The EBITDA margin decreased from 5.8% to 4.6%. The operating result (EBIT) was minus 2.7 million euros, and in the previous year there was a small increase of 0.24 million euros.

Management slightly lowered its forecast for the year as a whole and now expects sales of €630 million. Annual sales are expected to reach approximately 650 million euros in the first half of the year. There were short-term reductions in call volumes in the third quarter. This led to a decline in sales revenues in the last quarter. Positive full-year EBIT is “challenging”.