Famur with better than expected profit

WSE-listed mining machinery producer Famur posted PLN 26.2 million in net profit for Q4 2016, up from PLN 6.4 million recorder in Q4 2015, the firm's financial report showed. The analysts predicted a PLN 24.5 million profit. For the full year, the profits stood at PLN 93.8 million, representing a 83 percent year-on-year increase. Revenue from sales in Q4 amounted to PLN 304 million (64 percent y/y increase) and PLN 1.03 billion for the whole year, compared to PLN 801 million in 2015. After acquiring its main competitor, Kopex in December last year, Famur plans further international expansion. “Our main goal is to create a powerful, Polish entity which offers a full portfolio of products and services. Combined know-how, experience and resources of Famur and Kopex will let us realize a complex servicing of investment projects all over the world,” company's CEO Mirosław Bendzera said.