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BUCHAREST (Romania), October 30 (SeeNews) - Romanian plastic products manufacturer Teraplast Group [BSE:TRP] said on Tuesday its consolidated net profit rose by 40% on the year to 22.2 million lei ($5.4 million/4.7 million euro) in the first nine months of 2018.
The company's consolidated operating result for the first three quarters of 2018 was 32.5 million lei, up from 19.2 million lei in the like period of 2017, Teraplast said in a financial statement.
Teraplast's turnover amounted to 590 million lei in the first three quarters of 2018, compared to 294 million lei in the like period of 2017.
Furthermore, consolidated EBITDA increased by 60%, from 32.9 million lei to 52.8 million lei.
The good results were possible due to steady organic growth of all business lines and due to the group's strategy which focused on developing the distribution network, increasing its presence on European markets as well as developing new products.
"The results of the first nine months of 2018 are in line with our strategy to focus on increasing business efficiency and improving profit margins for all of the group’s companies, alongside the complex process of integration of the companies acquired last year. In addition, our efforts were adapted to the evolution of the market segments we are addressing," Teraplast Group CEO Ioana Birta said.
In January, Teraplast took control of local roof tiles producer Depaco by increasing its stake in the company to 67% and said it targeted 100% ownership. In October last year, TeraPlast opened its TeraSteel sandwich panels factory in Serbia, and received the approval of Romania's anti-trust regulator for the takeover of plastic products manufacturer Politub.
Teraplast shares traded 1.39% higher at 0.3650 lei on the BVB by 1039 CET on Tuesday.
(1 euro=4.6665 lei)