Business News

Helios Posts Lower Net Profit Despite Higher Revenues

Domžale, 16 March (STA) - The group around coatings maker Helios generated EUR 337.5m in net sales revenue in 2011, a 12% increase on 2010. Operating profit was up 20% to EUR 7.9m, but net profit was down 45% to EUR 1.3m, show unaudited data released on Friday.

According to the management of the Domžale-based company, the crisis related to the supply and rising prices of raw materials, which began in 2010, continues and it is causing greater disruptions than in the past.

Net profit was affected by investment depreciation estimated at EUR 4.1m and an increase in interest payment costs from EUR 1.57m in 2010 to EUR 3.16m.

The core company recorded EUR 13m in net sales revenues, which is a 2% decrease, an operating loss of EUR 570,00 after a EUR 73,000 profit in 2010, while net profit increased from EUR 200,000 to EUR 2.66m.

Even though it says the crisis is deepening again and international uncertainty increasing, the management projects EUR 362m in net sales revenues at group level for 2012 and a net profit of EUR 6.7m.

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