Tecnotree Oyj announced unaudited consolidated earnings results for the third quarter and first nine months ended September 30, 2017. For the quarter, the company announced net sales of EUR 12.2 million compared to EUR 16.2 million for the same period a year ago. Operating result was EUR 1.4 million compared to EUR 0.8 million for the same period a year ago. Result before taxes was EUR 1.2 million compared to loss before taxes of EUR 0.3 million for the same period a year ago. Result allocated to equity holders of parent company was EUR 0.1 million compared to loss allocated to equity holders of parent company of EUR 1.1 million for the same period a year ago. Adjusted operating result was EUR 1.6 million compared to EUR 1.8 million for the same period a year ago. Adjusted result for the period was EUR 0.3 million compared to adjusted loss of EUR 0.1 million for the same period a year ago. Net cash flow from operating activities was EUR 1.8 million compared to net cash flow used in operating activities of EUR 2.4 million for the same period a year ago. Investments in tangible assets were EUR 0.1 million.
For the first nine months, the company announced net sales of EUR 39.5 million compared to EUR 45.4 million for the same period a year ago. Operating result was EUR 4.3 million compared to operating loss of EUR 0.5 million for the same period a year ago. Result before taxes was EUR 2.1 million compared to loss before taxes of EUR 5.4 million for the same period a year ago. Loss allocated to equity holders of parent company was EUR 1.5 million or EUR 0.01 per basic and diluted share compared to EUR 8.2 million or EUR 0.07 per basic and diluted share for the same period a year ago. Adjusted operating result was EUR 5.3 million compared to EUR 0.5 million for the same period a year ago. Adjusted loss for the period was EUR 0.4 million compared to EUR 7.3 million for the same period a year ago. Net cash flow from operating activities was EUR 4.9 million compared to net cash flow used in operating activities of EUR 4.6 million for the same period a year ago. Investments in tangible assets were EUR 0.1 million compared to EUR 0.2 million for the same period a year ago. Negative return on equity was 20.6% compared to 84.6% for the same period a year ago.

The company estimates that its net sales will be less in 2017 than in the previous year and the operating result will be better than in 2016. Net Sales were EUR 60.1 million and the operating loss was EUR 10.1 million.