11.28.16
Pegas Nonwovens recorded consolidated revenues of €157.8 million ($167 million) in the first nine months 2016, down by 7% year-on-year.
The decline in the price of polymers had a negative effect on the year-on-year comparison of revenues. Since the beginning of the year, polymer prices have been more or less stable and are at long term lows.
In the first nine months of 2016, EBITDA amounted to €34.1 million ($36.1 million), up by 14.6% yoy. The year-on-year growth in EBITDA is to a certain extent related to the revaluation of the share option plan. In terms of other effects, compared to last year, the impact of the polymer price pass-through mechanism was also less negative; whereas prices grew in the first nine months of last year, they remained stable in the same period this year. In this respect, it must nevertheless be noted that the long term low polymer prices are having a negative effect on financial results due to the polymer price pass-through mechanism arrangement. A further contribution to the growth of EBITDA was the increase in production volumes by 1.5% over the comparable periods.
In the first nine months of 2016, profit from operations (EBIT) amounted to €22 million ($23.3 million), up by 24% over the same period in 2015. In the first nine months of 2016, net profit reached €13 million ($13.8 million), down by 22.6% yoy primarily due to the reported unrealized foreign exchange changes in the compared periods.
The decline in the price of polymers had a negative effect on the year-on-year comparison of revenues. Since the beginning of the year, polymer prices have been more or less stable and are at long term lows.
In the first nine months of 2016, EBITDA amounted to €34.1 million ($36.1 million), up by 14.6% yoy. The year-on-year growth in EBITDA is to a certain extent related to the revaluation of the share option plan. In terms of other effects, compared to last year, the impact of the polymer price pass-through mechanism was also less negative; whereas prices grew in the first nine months of last year, they remained stable in the same period this year. In this respect, it must nevertheless be noted that the long term low polymer prices are having a negative effect on financial results due to the polymer price pass-through mechanism arrangement. A further contribution to the growth of EBITDA was the increase in production volumes by 1.5% over the comparable periods.
In the first nine months of 2016, profit from operations (EBIT) amounted to €22 million ($23.3 million), up by 24% over the same period in 2015. In the first nine months of 2016, net profit reached €13 million ($13.8 million), down by 22.6% yoy primarily due to the reported unrealized foreign exchange changes in the compared periods.