Agora showed a loss. “The huge impact of the pandemic”

The coronavirus economy freeze had a heavy impact on Agora’s results. The publisher of “Gazeta Wyborcza” and the owner of the Helios cinema chain reported a loss of over PLN 40 million.

In the second quarter, Agora’s revenues amounted to PLN 129.5 million compared to PLN 289.6 million in the first quarter of 2020. The company’s net loss amounted to PLN 41.1 million. This result is similar to the one in the first quarter, so the total loss in the first half of 2020 amounted to PLN 88.2 million.

At the same time, the company announced that in the second quarter the EBITDA result reached PLN -4.4 million. In the entire first half of 2020, Agora recorded PLN 40.2 million in this item.

The operating loss in the second quarter was PLN 53.4 million, and after eliminating one-off events, PLN 48.5 million. For the entire half-year, these items amounted to PLN 72.9 million and PLN 53.3 million, respectively.

– The outbreak of the COVID-19 pandemic and the restrictions introduced to prevent its further spread had a huge impact on the level of the Group’s revenues and its financial results. They had a significant impact on the level of all categories of the Group’s revenues. Their most significant impact was visible in revenues from cinema operations, revenues from the sale of advertising services, and revenues from catering activities and the sale of publications, the company informs.

At the close of Thursday’s quotations, Agora’s shares cost PLN 7.44. For comparison, before the outbreak of the pandemic, the company’s shares reached the price of over PLN 13.

Michał Żuławiński

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