Modulight was the worst decliner on the day of the Helsinki stock market decline – SkartaNYAB was also a negative surprise

Helsinki’s general stock index finished in the red at the end of the week, along with the rest of Europe and the US.

OMXH finally traded down 0.8 percent to 10,962.13 points.

Development of medical applications of laser light Modulight remained sharply in the red after the earnings report. Ultimately, the stock ended with a 46% drop to €2.20.

Modulight realized an operating loss of 2.6 million euros for the second quarter of the year on a turnover of 0.5 million euros. The difference from a year ago was significant. A year earlier, the operating profit was 1.6 million euros, and the turnover – 2.4 million euros. The company does not provide financial guidance for the current year.

According to the company, the lack of success is due to the coronavirus, the shortage of components and Russia’s attack on Ukraine. CEO Sepo Orsilan according to the war, it affects business even if the company does not sell or buy from Russia.

“Russia’s war against Ukraine is causing uncertainty in our business environment and affecting the investments of our potential customers and the availability of financing for some companies and early-stage projects,” Orsila said in the press release.

He said the company’s product development pipeline remained stable at 26 projects, and the company received a significant new order worth $3.9 million during the quarter, as well as several smaller orders. According to Orsila, the execution of the company’s strategy continued with the expansion of production and capacity.

“Unfortunately, there was also a delay in the delivery of new production equipment. In particular, Japanese suppliers continue to report risks related to equipment supplies, and information about delays comes to us at very short notice.”

Modulight was listed on the stock exchange just under a year ago, when the recorded share price was €6.49. The offer was significantly oversubscribed. The highest price of the shares reached 17.40 euros.

A financial company Thaler a decline in the fair value of investments weighed on the numbers in the second quarter. According to the company, the background was mainly the increase in interest rates, which had a negative impact on the valuations of the investment portfolio of the insurance company it owns, Garantia. Managing Director by Peter Ramsay according to Taaleri, the quarter went operationally according to plan, although the decline in investment values ​​weighed on the numbers.

The thaler exchange rate eventually fell.

A mining company Afarak Group posted a huge profit improvement, but the company expects its profitability to weaken in the second half of the year. The rate fell.

The fireplace company that announced a positive warning earlier in the week Firestone the half-yearly review reported a clear increase in turnover and an increased result. The greatly increased prices of heating energy and the uncertainty related to the availability of energy and the security of home maintenance have increased the interest of consumers in purchasing an alternative heating system, such as a fireplace.

The company raised its outlook earlier this week. Turnover for 2022 is estimated at EUR 38-42 million and the comparable operating result is expected to improve clearly compared to 2021.

PunaMusta Media reported that its operating loss widened in the second quarter, but net sales increased significantly. Stock turnover was low.

“The operating environment continued to be difficult in the second quarter of the year. The continuation of Russia’s aggressive war against Ukraine and increased inflation have significantly increased the uncertainty in the use of advertising solutions by companies,” CEO Raimo Puustinen commented in the interim report.

PunaMusta Media did not change the instructions it gave in February. The company expects turnover to increase and operating profit to improve this year compared to the previous year. Last year, the turnover was 106.0 million euros and the operating loss was 1.8 million euros.

Custom builder ScartaNYB lowered financial guidance for the 2022 financial year and released preliminary information on the result. The stock price fell more than 11 percent.

According to the company, the change in guidelines is based on e.g. postponement or cancellation of investment decisions by clients caused by the uncertain economic environment and the ongoing war in Ukraine, as well as the effects of cost inflation.

“Uncertainty particularly weakened the outlook of the group’s Finnish operations, while in Sweden their effect remained smaller and the growth of the Swedish group companies continued profitably.”

The company will publish its semi-annual report on Tuesday, August 30th.

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