Incap Corporation: Incap’s factories in India partly operational, lock-down extended until 7 June 2021. Incap’s previously announced outlook for 2021 remains unchanged.
Incap Corporation Stock Exchange Release 24 May 2021 at 1.45 p.m. (EEST)
Incap announced on 10 May 2021 that it had temporarily closed down its factories in Tumkur until 24 May 2021. The temporary closure was related to Karnataka State Government’s intensified measures against the coronavirus pandemic.
The State Government has extended the intensified measures and the lock-down until 7 June 2021. However, Incap has been granted a permission for partial operations to support the manufacturing of critical electronic equipment including applications for healthcare. Incap continues its close co-operation with the Karnataka State Government and follows the instructions announced. The company expects that the factory will be back to normal operations by 7 June 2021.
The closure and the partial operations of the factories in India do not have an impact on the company’s outlook for 2021 published on 21 April 2021. Incap’s previously announced outlook for 2021:
Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2021 will be clearly higher than in 2020.
The increase in revenue and operating profit estimate is driven by the strong development at the Indian factories and the ramp-up of the factory expansion, that has proceeded faster than expected. Furthermore, the visibility related to the customers’ forecasts and the company’s own assessments of the business development has improved.
The estimates are given provided that there are no major negative changes in the coronavirus pandemic situation, currency exchange rates or in component availability and they are based both on Incap’s customers’ forecasts and the company’s own assessments of the business development.
For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798
Murthy Munipalli, Managing Director of Incap CMS Pvt Ltd, tel. +91 98802 31431
Nasdaq Helsinki Ltd.
The company’s home page www.incapcorp.com
INCAP IN BRIEF
Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, the UK, Slovakia and Hong Kong and employs approximately 1,900 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.