Złomrex exceeds forecasts and to focus on lowering debt
"We shall not make an official projection [of full year plans]. The forecast published in May indicated a minimum level, which we planned to post. [...] It is hard to predict to what extent annual forecast will be exceeded," said Krzysztof Zoła, financial director of Złomrex.
He went on to say that in Q2 the market was better than anticipated due to the growing price of steel, which enabled selling stock purchased for lower prices at more favorable terms. H1 revenues of the group went up 47 percent to zł.2.31 billion, while net profit increased 32 percent to zł.81.8 million.
Higher turnover is mainly the result of developing the capital group carried out last year, but no further acquisitions are planned for 2008. The main priority of Złomrex is to lower its debts, which stood at zł.1.22 billion at the end of 2007 and currently stands at zł.1.14 billion.
Source: Parkiet (M.M.)
He went on to say that in Q2 the market was better than anticipated due to the growing price of steel, which enabled selling stock purchased for lower prices at more favorable terms. H1 revenues of the group went up 47 percent to zł.2.31 billion, while net profit increased 32 percent to zł.81.8 million.
Higher turnover is mainly the result of developing the capital group carried out last year, but no further acquisitions are planned for 2008. The main priority of Złomrex is to lower its debts, which stood at zł.1.22 billion at the end of 2007 and currently stands at zł.1.14 billion.
Source: Parkiet (M.M.)
