Business News

Coatings Maker Sees Fall in Revenues, Blames Long Winter

Domžale, 25 April (STA) - Coatings maker Helios generated sales revenues of EUR 67.3m in the first quarter of the year, down 9% on the same period last year due to a slump in sales of paint caused by a lengthy winter. The group said its first quarter loss stood at EUR 852,000.

The biggest drop in sales was seen on the domestic market, where the decline in construction was exacerbated by a lengthy winter, the group said in a statement on Thursday.

The group was also hit by a drop in output by Russian carmakers, which has in the past been a major source of growth for the company.

Meanwhile, the group continues to prepare for a possible acquisition, after a consortium of owners that is made up mostly of banks and financial firms put its 72.89% stake in the group up for sale last September.

The management acquainted the supervisors on Tuesday about efforts to draw up a set of basic requirements that a buyer would have to fulfil to conduct a takeover.

The supervisors also reviewed operating results for 2012, when the group generated sales revenues of EUR 337.9m and made a net profit of EUR 4.4, which was a three-fold increase on 2011.

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