In the first nine months ended September 30, 2015, net profit at nonwovens producer Pegas Nonwovens slipped 13.5 per cent year over year to reach €16.8 million.
“The decline in net profit was caused, in particular, by the decline in EBITDA, where the revaluation of the share option plan had the greater impact on this decline,” it explained.In the first nine months ended September 30, 2015, net profit at nonwovens producer Pegas Nonwovens slipped 13.5 per cent year over year to reach €16#
In the reporting period, consolidated revenues amounted to €169.6 million, also down 1.2 per cent, although sales volumes in tonnage terms were at comparable levels to last year.
“However, the effect of the price pass-through mechanism on revenues in the comparable periods was slightly negative,” the company said in a press release.
In the first nine months of 2015, total consolidated operating costs without depreciation and amortisation went up 1.6 per cent year on year to €139.9 million.
In the period under review, EBITDA amounted to €29.7 million, down 12.7 per cent due to the revaluation of the share option plan which amounted to € 0.5 million.
While, EBITDA margin stood at 17.5 per cent, which is 2.3 percentage points lower than in the same period in 2014.
Total raw materials and consumables used in the first nine months of 2015 amounted to €127.2 million, which is 1.7 per cent less than in the comparable period of the preceding year.
In the first nine months of 2015, total staff costs totaled €11.1 million, a surge of 43.7 per cent from a year ago period.
Total staff costs expressed in local currencies and without the revaluation of the share option plan grew by approximately 2.6 per cent.
In the first nine months of 2015, FX changes and other financial income amounted to €6.7 million compared with an income of €4.5 million achieved in the same period last year.
“This item includes realised and unrealised FX gains or losses and other financial income and expenses,” the Czech Republic headquartered company stated.
Interest expenses related to debt servicing touched €5.7 million in the first nine months of 2015, which is down 2.2 per cent relative to the same period in the prior year.
“The year-on-year reduction of interest expenses was primarily the result of the lower interest rate payable on the bank debt due to improved indicators of indebtedness,” Pegas observed. (AR)
Fibre2Fashion News Desk – India
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