• Fri. Apr 19th, 2024

Panostaja continues to face challenges in achieving profitability in its target companies – Group experiences loss in first quarter

BySamantha Johnson

Mar 18, 2024
Panostaja continues to face challenges in achieving profitability in its target companies – Group experiences loss in first quarter

Panostaja, an investment company, has been facing challenges in meeting the demand of its portfolio companies while striving to protect profitability. Unfortunately, the group remained at a loss in the first quarter of the financial year. Despite this, the demand outlook for its target companies is considered satisfactory.

Bettor, another investment company with a different accounting period, recently published its Q1 review for the months of November to January. The focus of the review was mainly on the target company To Grano, in which Panostaja holds more than half of the ownership. Panostaja’s primary goal continues to be implementing profitability measures across its portfolio.

During the period of November to January, Panostaja reported an operating loss of 0.4 million euros, compared to an operating profit of 0.1 million euros in the same period the previous year. The company’s turnover was 33.3 million euros in the first quarter, down by 6.1 percent from the comparison period, with only one out of four investments showing an improvement in turnover.

Despite the challenging market environment and cautious consumer spending, Panostaja’s CEO, Tapio Tommila, emphasized the company’s focus on profitability enhancement measures. One of its key investments, Grano, initiated change negotiations in January and is expected to achieve annual cost savings of approximately 4.5 million euros through structural and organizational changes.

In terms of outlook, Panostaja remains optimistic about the short-term demand for all four of its investment targets. The company continues to actively pursue projects and explore acquisition opportunities within its target industries. The company is dedicated to navigating the current economic conditions and focusing on sustainable growth in the future.

By Samantha Johnson

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