The result of the communications group Alma Media weakened in April-June and net sales decreased by 18 percent due to the corona epidemic.
The company expects both net sales and adjusted operating profit to fall sharply this year from last year.
Alma Media's adjusted operating profit from continuing operations decreased to EUR 9.8 million in April-June from EUR 11.9 million a year ago. Analysts expected a result of EUR 6.15 million in the consensus compiled by forecasting service Infront Data. The forecast included four analysts.
Operating profit from continuing operations decreased by 41 percent to EUR 7.0 million.
Alma Media's continuing operations refer to the Group's operations excluding the newspaper businesses sold to Sanoma.
Alma Media sold its regional media and printing business to Sanoma at the end of April. The company reports the divested business until the time of sale and the gain on the sale as a discontinued operation.
Profit before taxes from continuing operations in April-June decreased to EUR 6.5 million, compared to EUR 11.2 million a year earlier.
Earnings per share, including discontinued operations, improved to EUR 0.76 from EUR 0.12 last year. Analysts expected 0.54 earnings per share. Earnings per share from continuing operations decreased to EUR 0.04 from EUR 0.09.
Net sales from continuing operations decreased to EUR 52.5 million from EUR 64.1 million. Expectations amounted to EUR 51.5 million.
According to Alma Media, uncertainty in the company's operating environment continues and visibility is still weak.
Alma Media now estimates that the full-year net sales and adjusted operating profit of continuing operations will clearly decrease from the previous year's level. Last year, net sales from continuing operations were EUR 250.2 million and adjusted operating profit was EUR 49.4 million
In the January-March interim report, Alma Media warned that the coronavirus epidemic will have a significant impact on revenue and operating profit in the coming months. The company did not issue earnings guidance for this year. Alma Media canceled its outlook as early as March 25.