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Masterplast to start glue production at Romanian unit

Hungarian building materials company Masterplast said late Monday that it would start production of glue at its powder mixing plant in Sfantu Gheorghe, Romania, on March 12.

The glue, to be used for building insulation, will contribute to the strengthening of Masterplast's position on the Romanian market, the company said.

Masterplast's net income climbed to €1.325 million in 2011 from €355,000 in the previous year as margins improved and financial losses narrowed, Masterplast's consolidated IFRS report published late in February shows.

Revenue edged down 3% to €82.389 million, but direct cost of sales dropped at a faster rate, falling 5% to €66.902 million. EBITDA rose 35% to €5.412 million and operating profit was up 50% at €3.285 million.