March 7 (SeeNews) - Slovenian chemicals producer Cinkarna Celje [LJE:CICG] recorded a net profit of 5.5 million euro ($6.0 million) in 2023, down from 43.4 million euro in the previous year, it said on Thursday.
The company's turnover fell to 176.7 million euro from 253.0 million euro, and earnings before interest, tax, depreciation and amortisation (EBITDA) declined to 17.0 million euro from 65.3 million euro, Cinkarna Celje said citing unaudited data.
"In 2023, our sales experienced a 22% decline, primarily due to reduced sales volumes and, to a lesser degree, decreased average selling prices of titanium dioxide pigment. European pigment manufacturers are facing decreased demand, partly due to inexpensive imports from China and partly because of surplus stocks and reduced demand for products containing the pigment, notably in the construction and DIY sectors," Cinkarna Celje said.
The total value of exports in the period under review amounted to 161.6 million euro, down 22%, the company noted.
Cinkarna Celje was established in 1873. Its core business is production and marketing of titanium dioxide pigment.
($ = 0.91799 euro)