Mapfre posted mixed figures for Q1 18. While the insurer posted growth in local currencies, FX movements hurt the group’s accounts. Sales and net earnings dropped by 7.6% to €7,257m and 9.3% to €187m, respectively. The low interest rates have negatively impacted financial income. The next quarter should record the beginning of a recovery in technical performance, even if the financial income should remain under pressure. Our numbers will be revised down.
30 Apr 2018
A strong euro is the problem
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A strong euro is the problem
Mapfre SA (MAP:WBO) | 0 0 1.3% | Mkt Cap: 8,463m
- Published:
30 Apr 2018 -
Author:
Bassem Neifer -
Pages:
3
Mapfre posted mixed figures for Q1 18. While the insurer posted growth in local currencies, FX movements hurt the group’s accounts. Sales and net earnings dropped by 7.6% to €7,257m and 9.3% to €187m, respectively. The low interest rates have negatively impacted financial income. The next quarter should record the beginning of a recovery in technical performance, even if the financial income should remain under pressure. Our numbers will be revised down.