Pegas Nonwovens SA has reported half-year 2008 financial results. The company increased its total consolidated revenue to €75 million In the first half of 2008, which represents a year-on-year increase of 24%. Total revenue in the second quarter of 2008 went up to €38 million, up by 28% compared to the second quarter of 2007. The company attributes the revenue increase to the successful utilization of its newly installed capacity and excellent operations of existing production capacities.
Net profit in the second quarter of 2008 amounted to €11.7 million compared to a loss of €231,000 in the same period last year. In the first half of 2008, the consolidated net profit of the company increased to €23 million from €2.7 million in the first half of 2007. Key drivers of net earnings were unrealized foreign exchange gains resulting from a strong appreciation of the Czech Koruna against the Euro and lower interest payments.
“We are very pleased with our first-half 2008 financial results,” remarked Pegas CEO Miloš Bogdan. “Again, we managed to maximize our production output and, in line with our expectations, revenues grew. On the other hand, our margins were affected by the strong appreciation of the Czech currency mainly in the second quarter of this year and by higher energy prices.”