By Helena Smolak
Synlab reported a higher third-quarter net profit after it booked gains on sales of investments, offsetting a sharp downturn in Covid-19 testing sales and higher net finance costs.
The German diagnostic services provider said Wednesday that it made a net profit of 129.5 million euros ($138.6 million) for the third quarter compared with EUR69.1 million in the same period last year.
On an adjusted basis, excluding results from investment disposals, Synlab swung to a net loss of EUR13.7 million from a net profit of EUR12.4 million in the same period last year.
Adjusted earnings before interest, taxes, depreciation, and amortization decreased to EUR96.0 million from EUR135.0 million, with a margin that fell to 15.6% from 19.3%.
The company’s sales decreased to EUR617.2 million from EUR698 million.
The company continues to expect full-year sales of around EUR2.7 billion, following the sale of its operations in Switzerland, Poland, Ukraine and its veterinary diagnostics business. It forecasts an adjusted Ebitda margin in a range of 16% to 18%.
Write to Helena Smolak at helena.smolak@wsj.com
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