Business News

Helios Posts Higher Profit Despite Lower Sales

Domžale, 09 August (STA) - Helios, a maker of coatings and varnishes, posted a group net profit of EUR 4.1m for the first half of 2013, up 28% over the year before, even as net revenue dropped 8% to EUR 162.2m.

Operating profit dropped 9% to EUR 6.5m and profit before income tax, depreciation and amortization (EBITDA) was down 6% to EUR 13m, the company said on Friday.

The group saw sales drop in particular on the markets of the former Yugoslavia, which account for 12% of total sales. The former Soviet Union accounts for a third of the total and EU markets 44%.

The company has been for sale since autumn 2012 after shareholders holding nearly three-quarters of the stock decided to pull out.

Austrian company Ring International is reportedly the only bidder remaining, and Helios said today efforts would be made to include a number of covenants in the purchase agreement.

These include preserving and developing the brand, retaining all key operations at the company's headquarters in Domžale, and preservation of jobs at 2012 level.

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