Vista Alegre suffers €800,000 loss in Q1 2020
The world-famous Portuguese fine glass and china producer Vista Alegre posted accumulated losses of €800,000 in the first quarter of 2020.
The losses, caused by the Covid-19 pandemic which forced shops to close, compared to the €1.5 million profit seen in Q1 of 2019.
The company’s business turnover also suffered with a fall of 20%, settling at €24.3 million compared to €30.4 million in the first quarter of 2019.
The impact was even worse on the company’s EBITDA which fell 43% for the period to €3.2 million compared to €5.6 million achieved in the first three months of 2019.
Vista Alegre’s operational results in Q1 also suffered a strong negative impact at around €200,000 compared to €3 million like-for-like last year.
On the positive side, Vista Alegre has managed to reduce its consolidated debt by around €7.5 million for the period to €82.9 million.
“The spread of the Covid-19 virus worldwide in the first months of 2020 had significant social, economic and financial impacts leading to a slowdown in the world economy as a whole and Vista Alegre has not been immune.
“This led the company’s board to enact different measures in order to mitigate the negative effects of the pandemic including measures to protect its staff and safeguard its business”, states the company in a communiqué on its quarterly results sent to the Portuguese markets regulator CMVM.