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By
Reuters
Published
Aug 27, 2009
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Czech Pegas second quarter net falls 20%

By
Reuters
Published
Aug 27, 2009

PRAGUE, Aug 27 (Reuters) - Czech artificial textiles maker Pegas Nonwovens (PGSNsp.PR) reported a 20 percent drop in second-quarter net profit due to lower one-off income from debt revaluation, just beating analysts' expectations.



Pegas, which produces hygiene products such as baby nappies, posted a net profit of 9.3 million euros ($13.24 million) versus 9.12 million euros forecast in a Reuters poll.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 18 percent year on year to 8.38 million as prices for its products dropped and input prices rose, but was above expectations for 7.84 million euros.

The company reiterated its target for EBITDA to drop a maximum 10 percent for the whole of 2009.

Pegas said it would announce the day for the right to a 0.9 euro a share dividend in the first half of September.

"Our main objective going forward remains to meet our planned financial results," it said.

The company reported a 39 percent jump in EBITDA in the first quarter, but had warned it would be its best quarter this year.

The company sets selling prices a quarter ahead, usually based on polymer prices, which fell to a low in the first three months this year.

Since then, input prices for Pegas have risen on rebounding crude oil prices, hitting the group's operating level.

Pegas has said stable demand for its products focused mainly on the medical sector could help the company weather the recession hitting most European countries.

Pegas's shares have jumped 92 percent this year, outperforming a 36 percent rise of Prague's main index .PX. (Reporting by Jan Korselt; Writing by Jana Mlcochova; Editing by Erica Billingham)

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