Business News

Cinkarna Celje Reports Lower Profit

Celje, 06 November (STA) - Cinkarna Celje, a chemical company specialising in the production of titanium oxide, reported a net profit of EUR 6.2m for the January-September period, down 65% over the year before. Sales revenue dropped 3% to EUR 132.9m.

Considering the seasonal nature of sales, end-year profit is expected to remain roughly in line with the figure for the first nine months, the Celje-based company said in a press release on Wednesday.

The management expects the trend to reverse by the end of the year as the market for titanium oxide, a pigment, has stabilised, CEO Tomaž Benčina was quoted as saying.

Cinkarna Celje is among the 15 companies on the government's priority list for privatisation. A consortium of mostly state-owned shareholders have put a combined 73% stake up for sale.

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