PMP $24m Loss 1H2013

Submitted by Share Trading on 5 March, 2013 - 19:32

Printing company, PMP (ASX:PMP) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stock market.

  • PMP has had a $24 million loss for the first half, down from $4.6 million profit.
  • The half year result includes $41.1 million of significant items: redundancy costs and cost of closing western Sydney printing plant.
  • PMP expects to realise savings of $17 million over the full year from 180 employees laid off.
  • EBIT (earnings before interest, tax) and significant items of $19.4 million down 15.9 percent on the previous corresponding period.
  • PMP chief executive Peter George said, " In the second half of the year, we expect to see a continuation of difficult market conditions as a result of overcapacity in the industry, especially in heatset printing."
  • PMP maintains its full year earnings guidance of between $31 million and $34 million, before significant items.
  • PMP is Australia's leading printing company with 45 percent market share.
  • PMP has not declared a dividend distribution for this period.

Download our FREE App


Signup for Free
Don't miss out on your free share trading articles.


Free Risk Money Management Calculator for those who sign up!