NEWS
Currency fluctuations drag down profits at German extruder Simona
German extrusion specialist Simona reported higher sales in 2017 – but said that profits were dragged down by currency fluctuations. The company posted a
Moyses: “Negative currency effects affected earnings, particularly in Europe”
7.5% increase in sales to €394m (US$476m) in 2017, and saw revenues grow in all regions during the year. Growth in Europe ap- proached 5%, and was particularly strong in Spain, Italy and the UK. Sales in the US rose more than 5%, while those in Asia boomed by more than 50%.
Sales in the pipes and fittings division grew, but at
a slower rate than Simona had expected. Overall, the division grew by more than 4% to exceed €80m (US$476m). This was partly down to subdued civil engineering business, and a lack of lignite processing projects in Germany. “Embracing a new
strategy for pipes and fittings, we are looking to expand revenue and maintain a solid level of prof- itability in this division,” said Wolfgang Moyses, CEO. Despite expanding sales,
profitability (EBIT) fell by 12% to €26.5m (US$32m).
“Negative currency
effects of almost €6m (US$7m) proved an obstacle to achieving higher earn- ings, particularly in Europe,” said Moyses. “Profitability in the US, which had already been good, was raised further.” The company has already announced preliminary results for the first quarter of 2018: sales of just under €99m, which is comparable to the same period last year. EBIT, at €8.4m, was also unchanged compared to last year. �
www.simona.de
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