Pegas Nonwovens, a leading European producer of nonwoven textiles, recorded total consolidated revenues of $86 million in the first half of 2010, based on the consolidated unaudited results.
Total consolidated revenues (revenues from sales of products) went up by 8.9% compared with the first half of 2009. In the second quarter of 2010, the total consolidated revenues were $56 million, a 25.0% increase compared with the same period last year. The key driver of revenue development was the rapid increase in polymer price indexes, which to date have almost doubled since their bottom in the first quarter last year.
The operating profitability before depreciation, interests and taxes measured by EBITDA amounted to $21 million in the first half of 2010 and declined 27.2 % from the same period in 2009. The annual comparison was influenced by the extraordinarily high EBITDA achieved in the first quarter of 2009 when the Company benefited from a drop in polymer prices, high sales prices and from the accelerated clearance of the stock of finished goods. In the second quarter of 2010, EBITDA decreased 11.0% from the same period in 2009 to $9 million mainly due to the negative impact of pass-through mechanism delays.
Profit from operations (EBIT) amounted to $10 million in the first half of 2010, which is 44.8% less than the year ago period. The net profit of the Company recorded in the first half of 2010 was $12 million, down 41.1% from the year ago period, also due to lower unrealized FX gains in comparison with the same period last year.