Celje, 16 May (STA) - Chemical company Cinkarna Celje made EUR 13m in net profit in the first quarter of 2018, which is almost EUR 5m above plans, on EUR 52.5m in sales revenues, 5% above plans. Compared to the same period last year, the profit soared by 86% and revenue increased by 17%, the company reported on Wednesday.
Figures were above plans mostly as a result of the rising prices of titanium oxide pigment, whose sales actually decreased by 12% compared to the same period last year. Prices rose by 41% compared to March last year.
Additionally, Cinkarna continued to streamline its portfolio of strategic business areas to further focus on its core programme.
The company's investment drive was also above plans as it had invested EUR 5.6m in fixed assets or 22% more than planned. The figure is double that of the first three months last year.
The company mostly invested in modernisation, intensification, energy efficiency and environmental acceptability of titanium dioxide pigment production.
Financially speaking, Cinkarna is stable and repays all obligations on time. It has no banking debt, the company added.
"The management assesses that the 2018 plan is realistically attainable," said Cinkarna Celje boss Tomaž Benčina.