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Jul 25, 2023 14:49 EEST
July 25 (SeeNews) - Romania’s TeraPlast [BSE:TRP], the parent company of local construction materials producer TeraPlast Group, said on Tuesday that the group booked a net loss of 998,000 lei ($224,440/202,870 euro) in the first half of 2023.
The loss was reduced by the group's improved financials in the second quarter, which amounted to a net profit of 1.6 million lei, TeraPlast said in a press release.
The group's consolidated turnover reached 320.5 million lei in the first six months of 2023, down 14% year-on-year.
According to earlier disclosed information, TeraPlast closed the first half of 2022 with a net profit of 16.4 million lei, down 43% year-on-year.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) totalled 23.2 million lei at end-June, which is an annual decrease of 35%. During April-June, EBITDA rose 58% on the first quarter, indicating a dilution of the base effect as well as the activity picking up, in line with this year’s estimates.
The group's main business line which is related to installation and recycling, contributed 72% of the group's total turnover.
The compounds and recycling business line registered a 45% year-on-year drop in turnover during the first six months of 2023, attributed to heavy competition from non-EU imports and a decrease in demand from the domestic and European markets.
The windows and doors business line was impacted by the decrease of external demand, given the erosion of purchasing power by the high inflation. Retail demand has shrunk while domestic sales increased only partially, the company said.
TeraPlast budgeted investments worth 120 million lei this year, including 84 million lei directed towards the construction of a stretch film factory.
TeraPlast Group is a major polymer processor in Central and Eastern Europe. The group includes parent company TeraPlast, as well as subsidiaries TeraGlass, TeraPlast Recycling, TeraBio Pack and Somplast.
Blue-chip TeraPlast's shares traded 2.5% lower at 0.508 lei as of 1301 CET on Tuesday on the main market of the Bucharest Stock Exchange.
(1 euro=4.91990 lei)
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