Metlika, 30 March (STA) - Textile company Beti, which was in court-mandated debt restructuring procedure between 2013 and last October, generated EUR 9.8m in sales revenue last year, which is 1% less than in 2016. Net profit was meanwhile down by 80% to EUR 110,000, chief executive director Maja Čibej has told the STA.
According to Čibej, last year's sales were affected by a shortage of raw materials and higher prices, which increased by up to 20% for certain materials.
The reason for the drop in profit is mostly last year's revaluation of real estate owned by Beti as part of the conclusion of the debt restructuring procedure.
Regarding the EUR 5.8m debt to the Bank Asset Management Company, Čibej said that loans from the bad bank were being repaid regularly and in line with agreements.
The management expects up to 5% growth in sales this year and net profit in the amount comparable to last year. Profit will be affected by currency rate differences as half of Beti's sales are generated outside the EU.
Beti earmarked around EUR 500,000 for investments last year, and intends to invest EUR 100,000 less this year.
The Metlika-based company specialised in dyed polyamide yarns employed an additional 15 workers last year to increase its workforce to 165. The number of employees is expected to increase to 170 by the end of this year.
Čibej added that Beti was struggling to find production staff, noting that the government's recent decision to extend limitations for workers from the neighbouring Croatia did not help the cause.