Incap Corporation: INCAP CONTINUES TO RAMP UP ITS FACTORIES IN INDIA, LOCK-DOWN EXTENDED UNTIL 21 JUNE 2021. INCAP’S PREVIOUSLY ANNOUNCED OUTLOOK FOR 2021 REMAINS UNCHANGED.
Incap Corporation 14 June 2021 at 11:45 a.m. (EEST)
Stock Exchange Release
INCAP CONTINUES TO RAMP UP ITS FACTORIES IN INDIA, LOCK-DOWN EXTENDED UNTIL 21 JUNE 2021. INCAP’S PREVIOUSLY ANNOUNCED OUTLOOK FOR 2021 REMAINS UNCHANGED.
Incap announced on 10 May 2021 that it had temporarily closed down its factories in Tumkur until 24 May 2021. On 24 May 2021, Incap announced that the lock-down had been extended until 7 June 2021 and that it had been granted a permission for partial operation of its factories. Currently, the lock-down in Karnataka has been extended until 21 June 2021. Incap’s factories in India continue to operate according to the government guidelines and Incap is prepared to resume full operations once the restrictions are removed.
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.