Business News

Helios Group Ups 9-Month Profit by Half

Domžale, 13 November (STA) - The group of the Domžale-based coatings maker Helios made a net profit of EUR 9.3m in the first nine months of 2012, which is 48% more than in the same period last year. The group's revenues were however only 1% higher year-on-year at EUR 272.2m, according to the unaudited results published on Tuesday.

Helios Group's sales improved in the third quarter (up 4% year-on-year) after a 3% year-on-year decline in the second quarter, the report reads.

The management attributes the higher revenues mainly to the growing orders from other EU countries and Eastern Europe, while the poor state of the economy is keeping the sales low on the markets of former Yugoslavia and in Slovenia.

The EBITDA results were 3% higher than in the first three quarters last year, reaching EUR 23.9m, while the operating profit stood at EUR 13.8m and was 4% higher year-on-year.

Contributing largely to the better net profit was the 42% lower financing loss, which amounted to EUR 3.4m.

Value adjustments on investments decreased from EUR 2.8m in the first nine months of 2011 to EUR 708,000 in this year's first three quarters, but financing costs were 23% higher at EUR 2.9m.

However, exchange rate changes affected the group's results much less than last year.

In September, a consortium of owners, mostly banks and financial firms, put up its 72.89% stake in Helios for sale.

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