Prim shrinks its sales in the first three months of the year. The Spanish group, which specializes in medical services, closed the first quarter of 2021 with a turnover of $45 million (€37.2 million), 3.1% less compared to the results achieved in the same period of 2020, as reported by the company in a statement sent to the National Securities Market Commission (Cnmv).
The Spanish company justifies these results as a consequence of the “effect of the third wave of the pandemic suffered at the beginning of the year”. The gross operating profit (EBITDA) and operating income reached $6.4 million (€5.3 million) and $4.6 million (€3.8 million), representing an increase of 7.9% and 5.8%, respectively.
On the other hand, the financial strength of the group has increased, with a net financial position of more than $36 million (€29.8 million) and total available liquidity of more than $71.3 million (€58.9 million).
If you want to find more details about Prim’s financial results, download for free our companion app. Born2Invest is a digital media website covering the biotech industry, among others. Our companion app allows you to get your daily dose of financial news from industries like banking, cannabis, innovation in biotechnology.
Prim has a net financial position of more than $36 million (€29.8 million)
During the first quarter, and as a result of the revaluation of the dollar, almost four million euros of losses “on the fair value of derivative instruments recorded in the fourth quarter of 2020” were reversed, the company explains. This variation corresponds to the currency hedging carried out by the company in order to eliminate the risk of foreign currency procurement.
Although the revenue figure for the first quarter of fiscal 2021 was lower than that of the first quarter of the previous year, “the management team is optimistic that, once the situation in the hospitals has been restored and as the population vaccination programs progress, the level of activity can be recovered in the coming quarters, offsetting the drop in activity in the first quarter,” Prim pointed out.
In the chapter on tangible fixed assets, although the investments made since the declaration of the state of alarm have been reduced as much as possible, the investments that were in progress at the beginning of the state of alarm have been completed.
The total amount of investments made was approximately $0.58 million (€0.48 million) for operating investments. In addition, a further $1.16 million (€0.96 million) was invested in long-term leases, which are to be recorded as investments.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Allianz Morocco Enters the Capital of EMOB
Allianz Morocco has become a 33% shareholder in EMOB's capital. The company is positioned on the electric and eco-responsible mobility...
70% of Consumers Want More AR Advertising: Will You Give it to Them?
A recent survey by Ericsson’s mobile ads division, Emodo, has revealed that a majority of consumers now prefer AR advertising...
StartupGym Studio’s Crowdfunding Campaign in Overfunding after 24h
StartupGym Studio, created by Enrico Pandian, has launched an equity crowdfunding campaign on CrowdFundMe to complement a $1.76 million (€1.5...
Payment Giant Nets Increases Stake in POS Fintech Company Orderbird
Nets had already held around 20% of Orderbird - a stake that the Eschborn-based payment service provider Concardis had taken...
City Leaders Announce Major Public Safety Initiatives for 2022
New public safety projects to be provided with federal funding. City leaders at Desert Hot Springs voted recently to issue...
Cannabis2 weeks ago
Clever Leaves Exports Cannabis from Colombia
Biotech2 weeks ago
iDoctus, Accelerating Digital Health to Grow 50% by 2021
Africa2 weeks ago
The Transport Company of Morocco Increased its Turnover
Cannabis2 weeks ago
Recreational Cannabis in Argentina, an Unavoidable Debate for the Congress in the Making