AS MADARA COSMETICS Reports Successful Third Quarter

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Inside information, 2018-11-14 07:37 CEST (GLOBE NEWSWIRE)

The consolidated (unaudited) turnover of the Company in the 3rd quarter amounted to EUR 2 298K, which is 26% higher compared to the same period last year. Accordingly, during the first 9 months of this financial year, the consolidated turnover reached EUR 6 958K, which is nearly 29% more than in the corresponding period of 2017.

In the third quarter of this financial year, Latvia's sales volume increased by 33% y-o-y; in the European Union (excluding Latvia) a slightly lower sales increase of 29% y-o-y; sales outside the European Union decreased by 26% y-o-y, which can be explained by an abnormally high sales volume there in the third quarter of 2017. Overall, the markets outside the European Union showed a solid performance and allow one to expect further upside.

In Latvia and other European Union countries, which account for more than 90% of the company's business volume, the conditions for the natural cosmetics segment remain favorable. This provides a positive outlook for the fourth quarter of this year, which historically has been the strongest quarter.

Management turnover guidance for 2018 (EUR 10m) remains intact.


The shares of Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.

The Certified Adviser for AS Madara Cosmetics is AS LHV Pank.