Pegas Nonwovens announced that consolidated revenues were $58/€43.7 million in the third quarter of 2011, up 7.9% A key role in the development. Earnings grew 17% to reach $14.5/€10.8, million reaching the highest level in more than two years.
“The significant growth in polymer prices that negatively affected our profitability in the first half of the year reversed in June and prices started to decline,” says Frantisek Rezac, member of the board of directors of Pegas. “The development had a positive effect on our financial results in the third quarter.”
While the company did experience some softening of the nonwovens textile market in the foruth quarter, this is no evidence this will not be short term, according to the company.