Czech Spolchemie's 2011 net profit increases by 43%

03 May 2012 15:35  [Source: ICIS news]

LONDON (ICIS)--Spolchemie's 2011 net profit increased by 43% year on year to koruna (Kc) 186m ($9.8m, €7.5m) as it continued to get back on track after near-insolvency triggered by the financial crisis, the Czech synthetic resins producer said on Thursday.

Sales revenues rose to an all-time high of Kc5.1bn from Kc4.4bn in 2010, the company added.

“We had very good results in the first half of last year that built on the success of the previous business year,” said Spolchemie CEO Paul Yianni.

Despite the cooling demand that renewed economic downturns in export markets have brought about since the second half of last year, Spolchemie forecast that it could achieve sales revenues of at least Kc4.7bn in 2012.

During 2011, Spolchemie managed to pay off more than Kc400m of the Kc2.7bn of debt which it owed to creditors at the start of the year, the company added.

In November last year, Yianni said Spolchemie was once more fighting fit and was determined to realise its ambition to become a global production player, despite setbacks that had so far thwarted its international expansion plans.

($1 = €0.76)
($1 = Kc18.97, €1 = Kc24.96)

By: Will Conroy
+44 20 8652 3214

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