Ergis-Eurofilms records growth

Ergis-Eurofilms, a leading producer of plastic packaging and building materials in the Central and Eastern European market, reported zł.142.77 million in consolidated sales revenues in Q1 2008, a 60.7-percent y/y rise. Operational profits increased by 42.2 percent to reach zł.5.74 million, while net profit reached zł.3.39 million, marking a y/y increase of 8.3 percent.

Ergis-Eurofilms' export sales increased nearly 200 percent to reach zł.77.4 million for the first quarter of the year. The rise in export sales has been attributed to the acquisition of two German production plants (MKF-Folien and Schimanski) earlier this year, which has given the firm leverage on its export markets. In previous quarters, the strength of the złoty in relation to the euro weakened the company's export position, making it less price competitive and unfavorably influencing its audited results.

"The Ergis Group's priority for the coming months is organic growth and maximizing synergy within the group," said Tadeusz Nowicki, president of the board at Ergis-Eurofilms. Nowicki added that the company was considering further acquisitions, scheduled for 2009, and would issue new shares in September pending approval of the issue prospectus.