Teraplast’s EBITDA (earnings before interest, tax, depreciation and amortization) declined 19%, to RON2.48 million, from RON3 million in the first quarter of 2013.
Turnover increased on all business lines, the company said in a statement, adding last year’s first-quarter operating profit was driven by non-recurring revenues from provisions set up to cover depreciation of stocks. Earnings were also affected by stock variations.
“The season is off to a good start and we estimate we will reach our profit and sales targets,” Teraplast manager Traian Simion said in the press release.
The company estimates to reach a turnover of RON262.3 million this year, up 15% from RON226.6 million in 2013, when it had a net profit of RON3.46 million. For 2014, Teraplast expects EBIDTA of RON25 million and a pre-tax profit of RON8.6 million.
Teraplast is owned by businessman Dorel Goia, with 46.67% of the shares, who bought 11.34% in the company from SIF Banat-Crișana (SIF1.RO) in March for RON6.5 million.
Teraplast traded up 4.46% on the Bucharest Stock Exchange Wednesday, at RON0.2038 a share.