Business News

Floorings Maker Juteks Reports Profit for H1

Zalec, 27 August (STA) - Floorings maker Juteks made EUR 1m in net profit in the first six months of 2010, up from a loss of EUR 200,000 in the same period a year earlier. The group said it was starting to register a recovery in demand.

The group generated net revenues of EUR 16.3m, an increase over the EUR 13.4m reported in the first half of 2009.

While the group has seen a return to profitability and stronger sales, the results at the parent company are less upbeat. It made a loss of EUR 1.1m and saw net revenues shrink by EUR 2m to EUR 11.4m, the company said in a press release.

The parent company sold 4.2 million sq. metres of floorings, which is 12% less year-on-year and 8.4% less than planned.

Despite the lagging sales, the company said it saw a rebound in demand in June, which bodes well for the second half of the year.

The management said that the drop in sales in Slovenia was a result of falling consumer spending. Moreover, the loss was brought about by rising raw material prices.

The increase in sales and the profit at the group level were meanwhile brought about with the help of a stronger Russian rouble, which propped up results at its Russian subsidiary.

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