Petro Welt Technologies AG: Revenue forecast reduced
Vienna, November 12, 2020 The major impact of COVID-19 on the economy has led to a reduction in the demand for oil products. As a result, Petro Welt Technologies AG has further reduced its forecast of the expected revenues for the fiscal year 2020 to EUR 255-260 million, based on an average exchange rate of RUB 92 per euro to be expected in the fourth quarter of 2020. A reduction of operations is particularly significant in hydraulic fracturing. The Group has taken strong action to reduce costs and improve the efficiency of operations. Due to these measures, the Group projects an EBITDA margin of 16% for 2020.
About Petro Welt Technologies AG Petro Welt Technologies AG, which is domiciled in Vienna is one of the leading and first established OFS companies in Russia and the CIS and is specialized in services which increase the productivity of new as well as existing oil & gas formations.
Contact Konstantin Huber (be.public) Investor Relations T: +43 1 503 2 503-29 firstname.lastname@example.org
12-Nov-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Petro Welt Technologies AG K?rntner Ring 11-13 1010 Vienna
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