February 9 (SeeNews) - Slovenian aluminium manufacturer Impol expects its 2023 operating profit to decline to 47 million euro ($51 million) from about 100 million euro last year due to high electricity costs, local media reported.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) are seen to decline to 67 million euro as the measures taken by the company to reduce energy consumption cannot fully offset high power costs, news agency STA quoted Impol CEO Andrej Kolmanic as saying on Wednesday.
Impol booked record-high revenues of 1.1 billion euro in 2022 but expects a 20% drop in demand for its products this year, mainly in the construction and transport sectors.
"The achieved result was significantly influenced by the international market price of aluminium, which was very high for a while and even exceeded 3,000 euro per tonne," he noted.
Impol is currently in the phase of obtaining a construction and environmental permit for enhancing its foundry-smelting capacity at the factory in Sibenik, Croatia while the forging and product finalisation capabilities at the Slovenska Bistrica factory in Slovenia are also being upgraded, Kolmanic said.
The core activity of Slovenska Bistrica-based Impol is the processing of aluminium into rolled, extruded, drawn and forged products, as well as other types of products.
($ = 0.92916 euro)
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