In the first half of 2014, consolidated sales totalled EUR 111.4 million, up 13.6% from the first half of 2013, at Czech Republic-based Pegas Nonwovens.

However, net profit climbed faster to reach EUR 10.5 million in the first six months of 2014, up a massive 56.5% year-on-year, which Pegas attributed to the reported unrealized foreign exchange changes in the compared periods.

Increased sales levels of finished products came on the back of production from the new production line in Egypt, while change in the price of polymers had a minimal effect on the year-on-year comparison, Pegas said.

Operating costs before depreciation and amortization grew 13.2% year-on-year to EUR 89.3 million in the first half of 2014, mainly from rise in consumption of input materials resulting from higher sales and polymer prices.

In the first half of 2014, Pegas said EBITDA also went up to EUR 22.1 million, up 15.5% from the same period of 2014, from contribution of the new Egyptian production plant and also a weaker CZK-EUR exchange rate.

The nonwovens producer added that the results are in line with guidance range announced at the beginning of the year, when it indicated a year-on-year increase in EBITDA of 12% to 22%.

EBITDA margin in the period under review stood at 19.9%, up a marginal 0.4 percentage basis than in the same period in 2013.

In the first half of 2014, total staff costs amounted to EUR 5.0 million, nearly stable from a year earlier period.

Profit from operations or EBIT reached EUR 14.8 million in the first half of 2014, up 10.2% over the first half in 2013.