Business News

Helios Group Reports Slightly Lower Half-Year Profit

Domzale, 31 August (STA) - Coatings manufacturer Helios generated group net profit of EUR 4.7m in the first half of 2011, which represents a 11% decrease over the same period last year. Net sales revenues increased by 18% to EUR 176.6m, shows unaudited half-yearly report published on Wednesday.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 15.5m in the first half of 2011, and were up by 17% compared to the same period last year, while earnings before interest and tax (EBIT) were up by 38% to almost EUR 9m.

"The results are better than in the first half of last year, but they are not on par with the sales growth. We are faced with an exceptional crisis in the raw material segment, which has been dragging on since last year," the company said.

It added that the instability in the raw material supply can be expected in the second half of the year as well.

The core company Helios generated EUR 6.5m in net sales revenues in H1, which is 8% more than in the first half of 2010, while its net profit stood at EUR 308,000, and was down by 81% compared to the same period last year when it amounted to EUR 1.6m.

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