Based on unaudited results, PFNonwovens, a leading European producer ofnonwovens textiles, recorded consolidated revenues of CZK 1,607.2 million ($70 million) in the first quarter of 2019, up by 3.2% compared to last year.
The developments in polymer prices had a slightly positive effect on the year-on-year development of revenues. Likewise, sales volumes in tonnage terms, grew on a year- on-year basis.
In the first quarter of 2019, EBITDA amounted to CZK 347.5 million ($15 million),up by 6.2% yoy. This result is in line with the guidance range announced at the beginning of the year.
Compared to previous quarters, production volumes were slightly weaker, which together with strong sales resulted in a reduction of inventories of finished products.
The company has also announced that its investment projects are proceeding according to plan. The construction of the production plant in South Africa is nearly complete and final building approvals are underway. The launch of the production line is on schedule and we expect to be producing the first commercial deliveries at the beginning of the second half. The installation of the new semi-commercial production line at the Znojmo-Přímětice plant in the Czech Republic is also proceeding according to our expectations and the company plans on achieving commercial operation during the third quarter of 2019.
We expect, that launching these new production capacities will further improve our operating results," says Marian Rašík, CFO and Member of the Board of PFNonwovens.
