Nyherji : Total profit of ISK 237 million in H1

Nyherji Group's profit for the first half was satisfactory at ISK 237 million, compared with ISK 111 million the previous year. Nevertheless, there are challenges to the Group's operations, with continued wage drift and high levels of volatility in the Icelandic króna exchange rate, generally having a negative impact on operations and reducing the competitiveness of Icelandic companies, both in the short and long term.

Key Points:

• Sales of goods and services amounted to ISK 3.608 billion in the second quarter (4.9% decrease in income from Q2 2016) and ISK 7.605 billion in the first half (6.7% increase from H1 2016) [Q2 2016: ISK 3.794 billion, H1 2016: ISK 7.126 billion].

• Margin amounted to ISK 904 million (25.0%) in the second quarter and ISK 1.880 billion (24.7%) in the first half of 2017 [Q2 2016: ISK 931 million (24.5%), H1 2016: ISK 1.816 billion (25.5% )].

• EBITDA amounted to ISK 211 million (5.9%) in the second quarter and ISK 453 million in the first half (6.0%) [Q2 2016: ISK 259 million (6.8%), H1 2016: ISK 439 million (6.2%)].

• Total profit for the second quarter was ISK 166 million and ISK 237 million in the first half [Q2 2016: ISK 73 million, H1 2016: ISK 111 million].

• Equity ratio stood at 43.8% at the end of Q2, as compared with 39.7% at the end of March