Business News

Hrastnik Glass Maker Posts EUR 1.5M Net Profit in H1

Hrastnik, 22 August (STA) - Glass maker Steklarna Hrastnik generated a net profit of EUR 1.5m in the first half of 2012, up as much as EUR 1.4m year-on-year, while the operating profit grew by 51% to EUR 4.2m, the company made public on Wednesday.

The glass manufacturer's consolidated operating profit increased EUR 1.3m year-on-year to EUR 2m.

Steklarna Hrastnik chairman Andrej Božič attributes the results to the good work of the entire team, higher productivity and better cost management. The company was most successful with its high-end products, he added.

Božič pointed out that the company would continue to invest in research in their R&D centre for new materials and in human resources development through the glass producers' competence centre.

He noted that the biggest risk for the company in the second half of the year would be Slovenia's unstable credit ratings and the banking system, which are causing concern among the company's foreign suppliers.

According to the press release, the good results will allow Steklarna Hrastnik to start setting up in early 2013 an energy-efficient kiln for its table glass.

The EUR 7m kiln with a capacity of 80 tonnes of glass per day is to use 25-30% less energy, while its use of oxygen as the main energy source is also to improve the quality of the glass, the company wrote.

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