(RTTNews) - Shares of Cancom SE (CNCXY.PK) were losing around 13 percent in the early morning trading in Germany after the IT services manager on Tuesday reported weak earnings in its third quarter, despite higher revenues.
Further, the company, on late Monday, lowered its forecast for fiscal 2024 citing increased uncertainties in the general market conditions, particularly the recent political developments in its core markets of Germany and Austria.
The company now expects annual EBITA between 57 million euros and 75 million euros, down from the previous estimate of 75 million euros to 100 million euros, while last year's EBITA was 64.1 million euros.
Annual EBITDA is expected to be in the range of 112 million euros to 130 million euros, compared to the previous range of 130 million euros to 155 million euros. Last year's EBITDA was 115.7 million euros.
Turnover is now expected to be between 1.650 billion euros and 1.750 billion euros, down from the previous estimate of 1.750 billion euros to 2.000 billion euros. The prior year's revenues were 1.52 billion euros.
For the third quarter, profit attributable to shareholders of the parent company fell to 9.26 million euros from last year's 10.37 million euros. Earnings per share, however, grew to 0.28 euro from last year's 0.27 euro, on lower share count.
Operating result or EBIT declined to 14.87 million euros from 16.87 million euros in the prior year.
Total output was 424.60 million euros, up from 421.14 million euros last year. Revenues totaled 422.60 million euros, higher than prior year's 415.83 million euros.
In Germany, Cancom SE shares were trading at 22.06 euros, down 13.29 percent.
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