LJUBLJANA (Slovenia), December 14 (SeeNews) – Slovenian chemicals producer Cinkarna Celje [LJE:CICG] said on Wednesday it has projected a net profit of 10 million euro ($10.6 million) for 2017, up 17% compared to the 2016 forecast.
Net sales revenue is expected to reach 150.4 million euro in 2017, down 9% from this year's predicted revenue of 164.4 million euro, as exports are expected to drop to 130 million euro from 143.5 million euro, the company said in a Ljubljana bourse filing.
EBIT is projected to jump 22% on the year to 11.5 million euro in 2017, while EBITDA is forecast to contract 4% to 23.2 million euro.
Cinkarna Celje also said it expects to invest 14.5 million euro next year, up from 6.7 million euro in 2016.
In August, state holding company SDH cancelled the sale of a 70.8% stake in Cinkarna Celje as the submitted bids fell short of expectations.
During the sale process, important environmental issues emerged which had a strong impact on the competitiveness of the procedure and the number of tenders received, SDH said at the time. It pledged to look for solutions that would eliminate the identified issues and allow the sale of shares under better conditions.
Established in 1873, Cinkarna Celje’s core business is the production and marketing of titanium dioxide pigment.
Cinkarna Celje is one of 15 enterprises slated for privatisation by the Slovenian government in 2013.
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