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Pannonplast announces plans in bioenergy sector

Plastics company and investment holding Pannonplast Nyrt on Tuesday said it plans to participate in bioenergy projects worth a combined €200 million by 2008.

In other news, Pannonplast also expects Synergon Nyrt, a listed IT company in which it recently acquired a combined influence of 18.9%, to generate pre-tax profits of Ft 950 million-Ft 1.2 billion on sales of Ft 24 billion in the 16-18 months until the middle of 2008, Pannonplast officials said on Tuesday.
Chairman of the board Balázs Bokorovics said the Pannonplast management had assessed the company's net assets and calculated it had net assets per share of Ft 4,500-4,700, based on the experience of the past two years. He noted that the estimate did not reflect any new projects. Bokorovics said Pannonplast's net assets could increase Ft 3.2 billion-Ft 3.5 billion based on its projections for EBITDA in 2007. In its first-half report published on August 1, Pannonplast said it had net assets of Ft 12.519 billion on June 30.