Stelmet prelim. 9-month net profit at PLN 16.4 mln

Garden furniture producer Stelmet reported preliminary revenue for 9 months of FY 2017/2018 at PLN 434.3 million, a 2.3 percent increase y/y. EBITDA rose by 17.4 percent to PLN 56.4 million, and net profit dropped by 30.8 percent to PLN 16.4 million. EBITDA margin grew to 13 percent from 11.3 percent y/y. Increasing efficiency at the MrGarden plant in Grudziądz, increase in the use of production capacity, lower administrative costs and favorable prices of wood raw materials concurred to the growth, Stelmet said.