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Pannonplast net profit Ft 109 mln in Q1

Plastics maker Pannonplast Rt had consolidated net profit of Ft 109 million in the first quarter of 2006, as against net losses of Ft 186 million during the same period a year earlier, according to the preliminary consolidated IFRS report published on Friday.

The company’s sales revenue of Ft 4.299 billion in the first quarter was 20.5% less than in the same period last year. Sales rose, however, 8% year on year if adjusted for the units sold between the periods. Operating losses rose to Ft 216 million in January-March this year from Ft 39 million a year earlier. Operating losses fell, however 40% overall, if one-off items were excluded, and operating profits of the consumer packaging division rose 67%, the report noted. Pannonplast posted profit of Ft 342 million on financial operations, including Ft 204 million from futures transactions on its treasury stock.
The management of Pannonplast projects consolidated sales of Ft 15 billion and net profits of Ft 400 million this year, including one-off effects.