Masterplast Issues Profit Warning

Manufacturing

Listed building materials company Masterplast said it had a loss in the fourth quarter and put full-year net profit at EUR 15.5 million, under its guidance for EUR 18.1 mln issued in September, in an announcement posted on the bourse's website on Friday, according to a report by state news wire MTI.

Masterplast said Q4 was unfavorable due to high feedstock prices, declining sales volume, and foreign exchange rate changes. High production costs and the tighter market caused margins to narrow, resulting in the Q4 loss, it added.

Masterplast noted that negative market trends mainly affected products for new home construction, while sales of insulation "remained appropriate".

Masterplast estimated it finished 2022 with sales of EUR 202 mln, under the EUR 225 mln forecast.

In light of the building industry environment, Masterplast projects a decline in Q1 and Q2 2023, albeit from a high base, offset by new capacity for expanded polystyrene (EPS) and extruded polystyrene (XPS) insulation, together with the expected launch of renovation programs across Europe.

Masterplast will update its 2023 forecast in Q2.

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