„Turnover fell by 29.69% compared to the first quarter of 2022, caused by the decrease in the quantities sold by the company, amid a reduction in demand in the European market,” reads the company’s report.
Operating result in the first quarter of 2023 fell to RON 2,835 thousand, compared to 75,977 thousand in the first quarter of 2022, mainly due to high costs for raw materials and utilities, in particular with electricity and gas-intensive sections and has reduced costs, including the availability of staff. However, the decrease in revenues was faster than the reduction in the costs of raw materials and utilities, negatively affecting the operational profitability.
The net financial result was negative in the first 3 months of 2023, respectively 8.973 thousand compared to 4,062 thousand in the first 3 months of 2022, mainly as a result of higher interest expenses determined by the loans contracted in the last 12 months but and under the influence of the increase in the variable interest rate margin, i.e. EURIBOR. Therefore, the loss before tax in the first quarter of 2023 was in the amount of 6,137 thousand lei, compared to the first quarter of 2022 when a gross profit of 71 was obtained. 915 mi lei.
The long-term debts as at March 31, 2023 increased by 48,383 thousand lei compared to the value as of December 31, 2022, mainly through the uses of the investment loans contracted from UBS Swizerland and Garanti Bank for the financing of cogeneration and trigeneration plants from Rm. Vâlcea.
In the next period, the Company follows the development through the continuation of the strategic investment program and aims to streamline and stability from an energy point of view.
(English version by Catalina Apostoiu)