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POW – Better 1H19 earnings as expected – Earnings Flash

Company Note 01/08/2019    174

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  • POW’s 2Q19 net profit grew by 44.2% yoy, driven by a 1.9% pts increase in gross margin and lower financial expenses.
  • 1H19 gross profit margin (GPM) inched up to 14.6% (+0.7% pt yoy), mainly due to lower depreciation cost.
  • 1H19 revenue and NPAT-MI are in line with our forecasts. Maintain Add.

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