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Petro Welt Technologies AG: Revenue forecast reduced

·2-min read

Petro Welt Technologies AG / Key word(s): Development of Sales
Petro Welt Technologies AG: Revenue forecast reduced

12-Oct-2020 / 16:28 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Vienna, October 12, 2020
The oilfield service industry is currently suffering from a continuing change of customers' drilling and intensification programs on the reduction of production plans in accordance with OPEC+ commitments and expectations of further oil price volatility. In addition, restrictions related to COVID-19 remain as a constraining factor. This global trend is also affecting the markets with Petro Welt Technologies AG's presence. The company's financial situation is also impacted by the devaluation of the ruble that took place in September 2020. As of today, the exchange rate of the ruble versus the euro fluctuates around the level of RUB 90 per euro. Thus, Petro Welt Technologies AG has reduced its forecast of the annual revenues of the fiscal year 2020 from EUR 275-282 million to EUR 265-270 million, depending on the exchange rate volatility at the end of 2020.

About Petro Welt Technologies AG
Petro Welt Technologies AG, which is domiciled in Vienna is one of the leading and first established OFS companies in Russia and the CIS and is specialized in services which increase the productivity of new as well as existing oil & gas formations.

Contact
Konstantin Huber (be.public)
Investor Relations
T: +43 1 503 2 503-29
huber@bepublic.at

12-Oct-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Petro Welt Technologies AG

Kärntner Ring 11-13

1010 Wien

Austria

Phone:

+43 1 535 23 20 - 0

Fax:

+43 1 535 23 20 - 20

E-mail:

ir@pewete.com

Internet:

www.pewete.com

ISIN:

AT0000A00Y78

WKN:

A0JKWU

Listed:

Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1140318


 

End of Announcement

DGAP News Service

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