Interim Financial report January – June 2020
The stable demand in the first quarter was followed by an unprecedented second quarter where the demand has been heavily impacted by the Covid-19 pandemic. Revenues were down by 43,6% compared to second quarter last year. In order to mitigate the effect of the dramatic drop in revenues, immediate efforts were taken to reduce costs at all levels in the group. In most of our factories we utilized various governmental support programs. We have also reduced headcount with about 14% with permanent lay-offs. The demand in the first two months of the second quarter were in some segments almost non-