Business News

Paloma Reports EUR 1M Profit for Q1

Sladki Vrh, 18 April (STA) - Tissue maker Paloma, one of the companies slated for privatisation, generated close to EUR 1m in net profit in the first quarter of the year after reporting a loss in the same period last year. Sales revenue was up 11% year-on-year to EUR 22m.

According to a press release from the company, earnings before interest and taxes stood at EUR 1.1m in the first quarter of the year, which compares to EUR 20,000 in the same period last year. A 4% growth in sales is planned for the year.

Since September 2013, the company has reduced maturing liabilities to suppliers by more than EUR 3.5m. But chairman Tadej Gosak was cited as saying that despite positive results and gradual reduction in liabilities Paloma was still facing the challenge of old debts and liquidity issues.

Based in the village of Sladki Vrh near the Slovenian border with Austria, Paloma broke even last year after three years in the red, generating a net profit of EUR 130,000 on EUR 84.1m in sales revenue.

Employing 740 staff, the company sold 65,000 tonnes of hygienic tissue paper last year, 85% of which abroad. It has a 34.4% market share in Slovenia.

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