Q3 2020 NRC Group ASA Earnings Call Transcript
Welcome to the presentation of the third-quarter results from NRC Group. Due to COVID-19, we present the third-quarter results as a webcast, followed by a Q&A session at 10:00 AM today.
In this picture, you can see construction work from the largest ongoing project in NRC Group, the Jokeri light-rail project going from Espoo to Helsinki. That project and the Tampere Tramway project are the main growth drivers in Finland this year.
Quarter three is high season for NRC Group with high-capacity utilization and normally, the quarter with the highest profits. Revenue for the quarter was almost NOK2 billion, and this is a 6% growth driven by currency effects. For the full year 2020, we expect revenue in line with last year.
We deliver an EBITA of NOK88 million, driven by strong profitability in Finland. Lower activity in Norway leads to lower profit margins and the write-down of NOK35 million on zero-margin projects in Sweden also have a negative impact this quarter. In Sweden, this was partly offset by lower overhead costs and better results
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