Pelikan Expects Financial Recovery by 2016

Having undergone a lengthy period of streamlining its European assets and narrowing its net loss by 4.3% in the first quarter of 2015, Pelikan International Corp Bhd (Pelikan) now expects its business to recover by 2016, reported

Loo Hooi Keat (pictured), President and Chief Executive Officer of Pelikan, declared in an interview, “We believe we will resolve all the challenges we are facing by next year.” He further stated the European market would contribute about €20 million (US$22.5 million) in earnings before interest and tax to Pelikan.

The company, which completed an asset-injection exercise into its German-listed unit Pelikan AG in April, saw its net loss narrow to RM10.7 million (US$2.93 million) for the first quarter which ended on March 31st 2015. The revenue in 1Q2015 fell by almost 10% to RM282 million (US$77.01 million) from RM312.6 million (US$83.4 million), which was mainly a result from the depreciation of the euro.

Keat also commented that the company’s financial situation will still be likely affected by currency volatility in 2015: “If the US dollar continues to strengthen, we will definitely be hit.”

Nevertheless, Keat asserted that Pelikan was aggressively addressing the challenges facing them: “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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