Following a prolonged period of streamlining its European assets, the manufacturer hopes to see a turnaround next year.
Net losses decreased for the company in 1Q2015, from RM11.2 million ($2.9 million/€2.6 million) to RM10.72 million ($2.87 million/€2.53 million), The Star reported. Loo Hooi Keat, Pelikan’s President and CEO, said after the company’s AGM: “We believe we will resolve all the challenges we are facing by next year”.
He thinks the European market alone could contribute about €20 million (RM84.45 million/$22.6 million) in earnings before interest and tax to Pelikan. “If the US dollar continues to strengthen, we will definitely be hit,” he added.
Yet the CEO asserted that Pelikan is “aggressively addressing” the challenges for its business: “Ours is a global business, so it can be hard to foresee the risks that we could be facing […] unlike companies whose businesses are mainly domestic-based where it could be easier for them to predict the market trends.”
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