Evli's business developed steadily until late February and early March, when the coronavirus epidemic that emerged in China turned into a global pandemic that derailed the capital markets and rapidly weakened our earning power.
VALUATION CHANGES IN EVLI'S BALANCE SHEET WEAKENED FIRST QUARTER RESULT SIGNIFICANTLY
Financial performance January-March 2020
Despite the challenging market environment, the view is supported by a high ratio of recurring revenue to operating costs, as well as sales of alternative investment products, which have brought new, stable revenue. In addition, the company took a number of adjustment measures during March to ease the cost structure. As part of the measures, the Board of Directors and the Executive Group as well as some employees have, among other things, voluntarily reduced salaries and fees on a temporary basis.