Teraplast�s 2009 profit slumps 41%

Terra-cotta tile manufacturer PVC Teraplast Bistrita (BSE:TRP) said in a BSE filing that its net profit fell 41% in 2009 to 11.42 million lei (€2.7 million), after an underlying profit of 19.3 million lei and revenues of 195 million lei in 2008.

“The year 2009 has been a very challenging year. The severity of the crisis has affected the markets Teraplast operates, due to the lack of funding from credit institutions for private projects, and to the Government’s difficulty in channeling funds into local development schemes. However, we managed to stay in line with the assumptions set forth in the budget and revenues budget approved by the shareholders”, said Florin Urite (photo), chief executive of Teraplast.

In 2009 the PVC pipes and tiles manufacturer’s revenues fell from 190.5 million lei (€44.9 million), on expenses increase by 2.6% to 185.6 million lei (€43.8 million).

Teraplast’s revenues dropped 6.1% to 201 million lei (€47.4 million).

Teraplast earmarked 35.7 million lei to investments in 2009, 20% less than a year earlier. “Last year investments have been carefully prioritized. Only investments with no major impact over the technical-economical parameters of the company had been put off. Teraplast has completed 90% of the production relocation process from Bistrita facility to Saratel”.

The company has a share capital of 29.78 million lei, divided into 297.8 million shares at a face value of 0.1 lei.

The shareholders of Teraplast are Dorel Goia – 34.26%, Emanoil Viciu – 15.12% and FIC Banat-Crisana (BSE:SIF1) – 11.38%.

Teraplast’s market value is 186.1 million lei (€45.3 million), according to yesterday’s closing quote of 0.625 lei/share.

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