Aspo - A record Q2 profitability
Aspo released preliminary information regarding Q2 results already last week and so the Q2 report was no news event in terms of group-level EBIT. Telko’s profitability was higher than we expected.
- Aspo’s Q2 revenue was EUR 142.9m vs the EUR 133.6m/134.5m Evli/consensus estimates. Q2 EBIT was EUR 9.6m.
- ESL’s top line was EUR 46.0m, compared to our EUR 38.9m estimate, while EBIT amounted to EUR 5.4m vs our EUR 5.2m estimate. Market freight rates improved significantly y/y in all vessel categories, while there were strong fluctuations in loading demand. High dockings also limited profitability potential.
- Telko recorded EUR 71.1m in revenue vs our EUR 67.3m estimate. EBIT was EUR 5.5m, compared to our EUR 4.9m estimate. EBIT margin was 7.7% and prices remained high. The availability situation now seems to be normalizing, which would cause price decreases on the one hand and help Telko’s volumes up on the other.
- Leipurin revenue was EUR 25.8m while we expected EUR 27.4m. EBIT stood at EUR 0.3m, compared to our EUR 0.6m estimate.
- Other operations cost EUR 1.6m vs our EUR 1.1m estimate.
- Aspo guides EUR 30-36m in FY ’21 EBIT.