Business News

Aquafilslo with poorer results in 2018 as conditions worsen

Ljubljana, 14 October (STA) - The Ljubljana-based company Aquafilslo last year generated EUR 246.54 million in sales revenue, down 9% compared to 2017, and net profit was also slightly down. Announcing the results, it said the first half of 2018 had suggested a record result, but the situation on the marked had deteriorated thereafter.

The company, whose main product are polyamide filaments, said in the report published on the website of the AJPES agency that the market conditions had been positive in the first half of last year.

The prices of key raw materials were going up, but the global economic situation turned around in the second half of 2018, the report adds.

Compared to 2017, net profit nevertheless remained almost unchanged, dropping by EUR 60,000 to just above EUR 8 million.

Aquafilslo's major investments last year amounted to more than EUR 4.5 million, including EUR 2 million for an expansion of the facility for the production of fibre from recycled polyamide.

The company owned by the Italian Aquafil group noted that measures in the fields of taxes and labour costs in Slovenia had been made stricter last year, causing additional problems along with the shortage of labour force.

"Prices and taxes remain too high," the company said, adding that the prices of certain energy products were being decreased in Europe, while being "drastically increased" in Slovenia.

Aquafilslo, which employs 861 workers, intends to repeat least year's results in 2019, but the management notes that it would be hard to achieve this given the current economic trends.

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