Perfil: Austria's SBO Reports 40% Profit Fall, Expects Medium-term Demand...

<p>VIENNA, May 20 (Reuters) - Austrian oilfield equipment producer Schoeller-Bleckmann (SBO) reported a 40% fall in first-quarter operating profit as the coronavirus impacted exploration activities and <a href="https://sixmonth.bet/" rel="dofollow">sixmonth</a> knocked oil demand.</p> <p>CEO Gerald Grohmann said on Wednesday it was not possible to predict when the turning point in the energy industry will be reached.</p> <p>"What is clear, however, is that in the medium term a significant catch-up effect will take place and with it also in the demand for oil and gas," he said.</p> <p>"As we have a sound balance sheet and virtually no net debt, we are well prepared to navigate through these difficult times."</p> <p>SBO's net debt by end-March had halved from end-2019 to 9.1 million euros.</p> <p>The company generates a large chunk of revenue in North America, where it said the negative impact from the turmoil on the energy markets was "significant".</p> <p><a href="https://www.deer-digest.com/?s=Earnings" rel="dofollow">Earnings</a> before interest and tax (EBIT) fell to 12.1 million euros ($13.25 million) as sales fell 10% to 108.9 million euros in the three months to March 31, SBO said.</p> <p>It said it plans to push ahead with cost cutting measures but did not give details.</p> <p><a href="https://www.msnbc.com/search/?q=Grohmann%20expects" rel="dofollow">Grohmann expects</a> oil and gas to cover more than 50% of primary energy requirements in the next two decades.</p> <p>SBO builds highly specialised oilfield exploration equipment such as drilling motors and circulation tools and provides repair and maintenance services.</p> <p>($1 = 0.9135 euros) (Reporting by Kirsti Knolle; editing by Michelle Martin and Jason Neely)</p></div><p> </p><p> </p>
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