April 27 (SeeNews) - Romanian plastics manufacturer group TeraPlast [BSE:TRP] recorded a net profit of 6.8 million lei ($1.457 million/1.374 million euro) in the first quarter of the year, the company said, without providing comparative figures.
According to an earlier statement, TeraPlast booked a net profit of 11.65 million lei in the like period a year earlier.
"The decrease compared to the record profit of the first quarter of 2021 was generated by a relative reduction to the margin in the Installations segment and a negative result of the flexible packaging division," the company said in a statement on Tuesday. "However, the decline was partially offset by the accelerated growth in sales, close to the absolute quarterly record of the third quarter of 2021 (less by only 4%) and the improvement in margins compared to the fourth quarter of 2021."
The group also recorded a total turnover of 170.5 million lei in the first three months of the year, a 58% annual increase.
The TeraPlast group was founded in 1896 and is currently comprised of TeraPlast, TeraGlass, TeraPlast Recycling, TeraBio Pack, and Somplast.
TeraPlast and TeraPlast Recycling form the group’s plastic installations and recycling business lines. They recorded a joint turnover of 113.7 million lei in the first quarter.
The group’s plastic compounds business line had a turnover of 35 million lei in the review period.
TeraGlass, dealing in windows and doors, recorded a 12 million lei turnover in the three-month preiod.
The group’s newest division, TeraBio Pack, started producing biodegradable packaging at the end of 2021 and recorded operating losses of 2.57 million lei and a turnover of 9.6 million lei in the review period.
According to a financial statement submitted to the Bucharest Stock Exchange, the TeraPlast group recorded consolidated profits of 44.62 million lei in 2021 on a turnover of 615.11 million lei.
TeraPlast shares traded down 3.2% at 0.756 lei/share at 12:07 CET on Wednesday.
(1 euro = 4.94 Romanian lei)