NORDIC BUSINESS REPORT-July 10, 2020-Tikkurila's profitability improves in Q2 2020 amid COVID-19 pandemic
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Tikkurila Oyj (HEL:TIK1V), a leading Nordic paint company, reported on Thursday operating profit of EUR32.5m, for the second quarter of 2020, a 54% increase over EUR21.2m in Q2 2019.
Adjusted operating profit for the quarter increased by 47% to approximately EUR34.1m, as compared with EUR23.2m, in Q2 2019.
Revenues for the quarter increased by 1% to approximately EUR171.8m, as compared with EUR169.7m, in Q1 2019.
Tikkurila had withdrawn its financial guidance for 2020 on 27 March 2020 due to weakened visibility caused by the COVID-19 pandemic. Due to the pandemic, demand has fluctuated rapidly and significantly in Tikkurila's core markets.
According to the company, during the...