Business News

Cinkarna Profit Down on Lower Sales, Deleveraging

Celje, 05 March (STA) - Cinkarna Celje, a chemical company specialising in titanium dioxide production, saw net profit plunge 60% year-on-year to EUR 7.2m in 2013 as revenue fell 4% to EUR 165.9m.

Sales on foreign markets were down 5% to EUR 142.4m while domestic sales were almost flat at EUR 23.5m, according to unaudited results released on Wednesday.

The company continued to deleverage, with long-term liabilities down to virtually zero and short-term liabilities dropping by a third to EUR 19m.

Cinkarna is one of the companies in the priority list for privatisation and a 73% stake will be put up for sale.

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