August 4 (SeeNews) - Slovenian chemicals company Melamin [LJSE:MKOG] said its net profit fell 30% on the year to 1.15 million euro ($1.35 million) in the first half of 2020, due to drop in demand in the second quarter of the year as a result of the coronavirus crisis.
Net sales revenue fell 14% on the year to 22.6 million euro, and was 12% below the plan, the company said in a statement with the Ljubljana bourse last week.
Sales abroad accounted for 83% of total, with the largest market being Central Europe, which generated 33% of all sales.
The company invested 2.4 million euro in the period. Its employees totalled 186 at the end of June, up by 5 compared to end-2019.
According to the 2020 business plan, approved in February, prior to the coronavirus outbreak, and also cited in the latest statement, the company targets a 1% increase in sales revenue to 50.6 million euro, with exports reaching 86% of total sales. The pre-tax profit for the year is seen at 2.2 million euro, while investment is planned at 8.0 million euro this year.
Ljubljana-based NFD Holding in bankruptcy proceedings was the largest single shareholder with a 30.62% stake in Melamin at end-June, followed by local company Sinacta with 17.21%, while the remainder belongs to smaller shareholders, the statement showed.
($=0.850483 euro)