ASBISc loss widens in Q1 2015

Cyprus-based IT products distributor ASBISc Enterprises PLC’s net loss after tax widened to $12,404 in the first quarter of 2015 from $3,387 during the same period of 2014 because of lower gross profit margins, increased bad debt provisions and weak markets.

Gross profit fell by 69% to $6,886 in the first quarter, while the gross profit margin fell by 62.3% to 2.44% and revenues by 17.6% to $281,809, the company said in a statement on the Cyprus Stock Exchange.

“The company does not expect all these factors to happen together again in the near future, and thus expects improves results in the next quarters of 2015, especially in quarter three and quarter four,” the statement said.

Earnings before interest, tax, depreciation and amortization (EBITDA) fell to minus $7,980 in the first quarter of 2015 from positive $3,747 during the same period of 2014. ASBISc did not pay a dividend for the first quarter.

ASBISc, which moved its headquarters to Limassol from Belarus in 1995, distributes IT components and finished products in Europe, the Middle East and Africa through a network of 31 warehouses in 24 countries. Its three master distribution centres are in the Czech Republic, the United Arab Emirates and China.

Source: InCyprus