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Pegas Earnings Fall; Sales Rise

May 31, 2007

Company will expand later this year.

Net earnings at Czech-based Pegas Nonwovens dropped by 54.5% to €2.9m in the first quarter of this year, while sales rose by 6.1% to €31.3 million, the best first-quarter results in the firm's history, according to director Milos Bogdan. The sales increase was influenced by high demand for nonwoven textiles and by cost-cutting measures. Profit reflected the Czech crown currency's losses to the euro.
   
The company plans to expand production in the second half of the year and wants to apply for investment incentives for its ninth production line, said Mr. Bogdan. The firm is considering a foreign investment, in Russia for instance, which however would be in two years at the earliest.
   
Pegas has invested €3.6m during the first three months of 2007, a year-on-year increase of 267.3%.

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