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Nov 29, 2019 10:12 EEST
November 29 (SeeNews) - Slovenian chemicals producer Cinkarna Celje [LJE:CICG] said its net profit fell 46% on the year to 15.9 million euro ($17.5 million) in the first nine months of 2019.
Still, the result is considerably higher than the company's forecast for a 8.3 million euro net profit in the period under review, Cinkarna Celje said in its nine-month 2019 financial report published last week.
It generated 134.8 million euro in net sales revenue in January-September, up by 1% on the year and 7% higher than planned.
"The most important cornerstones of this success lie in producing titanium dioxide pigment and rationalising the portfolio of strategic business areas, focusing on the core line and abandoning non-profitable activities," the company said, referring to the higher sales revenue.
Exports rose 3.0% on the year to 119.4 million euro in January-September, it added.
"According to forecasts, growth in key trading partners is decreasing. Their growth will slow down distinctively this year. Customs measures taken in major global economies have created a high level of uncertainty in business. Additional confusion is brought by the long-lasting process of the United Kingdom leaving the EU," the statement said.
The company's net profit grew 6% on the year to 30.6 million euro in 2018.
Cinkarna Celje has been one of 15 enterprises slated for privatisation in 2013 when the Slovenian government had to prepare a list of companies to be offered for sale in order to meet its commitments under an excessive deficit procedure launched by the European Commission against the country.
One of the possible buyers, Luxembourg-based Anatol, withdrew its takeover plan for Cinkarna Celje in June 2018, despite having earlier announced its intention to buy the company. According to local media reports, Anatol had changed its mind because it did not receive permission to carry out due diligence on time.
Cinkarna Celje was established in 1873. Its core business is production and marketing of titanium dioxide pigment.
Cinkarna Celje's shares closed 1.08% higher at 187 euro on Thursday on the Ljubljana Stock Exchange.
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