Iberpapel posts first-half profit of €9.7 million compared to €2.1 million in 1H09
Grupo Iberpapel generated net profit of €9.7 million in the first six months of 2010,
compared to €2.1 million in 1H09. Profit before tax totalled €13.3 million, soaring from
€2.7 million in the first six months of last year.
These strong results were driven by consolidation of the price recovery trend already
evident in the first quarter of the year, as well as the Cost Control Plan and the Energy
Efficiency Program, which enabled Grupo Iberpapel to lift its profit margins while
continuing to reduce debt.
First-quarter revenue amounted to €106.7 million, year-on-year growth of 7.5%.
Iberpapel’s EBITDA more than doubled (growth of over 110%) to €19.9 million,
compared to €9.5 million in 1H09.
By the same token, short and long term bank debt was cut by 39.8% from the year-end
2009 balance, leaving leverage at 7.8%, compared to 15.3% at year-end.
|(€ million)||1H10||1H09||Change (%)|
|Profit before tax||13,342||2,721||+390.3%|