November 27 (SeeNews) - Slovenian blue-chip hand tools manufacturer Unior [LJE:UKIG] said on Friday it swung to a consolidated net loss of 4.9 million euro ($5.9 million) in the first nine months of 2020, from a 9.7 million euro net profit a year earlier, as a result of the Covid-19 pandemic and due to the negative impact of assets revaluation.
All of the group's companies have been impacted by the coronavirus crisis, while a revaluation of real estate assets in Maribor had a further negative impact of 4.3 million euro on the business result, Unior said in a statement with the Ljubljana Stock Exchange (LJSE).
Consolidated sales fell 22% on the year to 150.4 million euro in January-September, as a result of the pandemic, the statement read.
Earnings before interest and tax (EBIT) turned to a negative 200,000 euro from a positive 13 million euro in the first nine months of 2019.
Without the negative effect of the real estate assets revaluation, the group would have achieved a net loss of 600,000 euro and a positive 4.1 million euro EBIT in the nine months through September, Unior said.
Earnings before interest, tax, depreciation and amortisation (EBITDA), which was not affected by the revaluation, fell 32% on the year to 16.9 million euro in January-September.
In the third quarter alone, Unior performed better compared to a year earlier, with the three-month EBITDA going up 38%, or rising by 2.2 million euro, despite the 2.6 million euro lower sales revenue, the statement read, without giving figures for the third-quarter EBITDA and sales.
Unior and its affiliate companies employ some 3,500 people.
Unior's shares last traded on the LJSE on November 23, closing down 1.16% at 8.50 euro.
($=0.837172 euro)