TM - Profit warning
Preliminary figures imply that investment income in Q3 2019 will be significantly lower than previously forecasted. Previous forecast assumed that investment income and other income would amount to ISK 215 million. Based on actual figures investment and other income in Q3 2019 will be negative of approximately ISK 225-275 million. Largest part of the deviation is explained by an unexpected and severe devaluation of a real estate fund but partly it can be explained by more loss than expected from listed equities and equity funds as the domestic equity market declined after TM published its Q3 2019 forecast. As Q3 2019 is not over yet there is some uncertainty in the aforementioned figures.
Q3 2019 figures will be published on October 23rd and operating forecast for the coming four quarters will be updated simultaneously.
For further information please contact Sigurður Viðarsson, CEO of TM.