Press release | 1H20 results
Iberpapel posts €6.03 million net profit despite
unprecedented circumstances
Madrid, 28 July 2020
The gravity of the global pandemic induced by Covid-19 has implied the mass closure of offices, ministries, schools, etc. and has triggered a clear-cut contraction in demand for paper around the world.
Nevertheless, Iberpapel managed to defend its market position, registering a year-on- year decline in sales revenue of 24.12%. Revenue from the power generation side of the business also contracted by 24.88% year-on-year.
The Iberpapel Group's businesses were included in Spain's list of 'essential' activities, so that its operations continued throughout, albeit reducing production on occasion as most companies did.
In the first half of 2020, the Group posted a net profit of €6.03 million, down 53% from the first half of 2019. Revenue amounted to €87.51 million, down 25.18% year-on-year, and EBITDA came in at €12.75 million, down 39.12%.
(€ m) | 1H20 | 1H19 |
Revenue | 87.51 | 116.97 |
EBITDA | 12.75 | 20.94 |
Profit after tax | 6.03 | 12.88 |
As part of Iberpapel's plans for the modernisation of its mill in Hernani, the work on the new facilities will be completed at the end of July and they will be connected up to the existing facilities in the pulp mill, which will require a production stoppage of approximately 50 days that will, logically, affect the company's second-half earnings.
For more information
Deva
Marián Casado - mcasado@deva.es91 360 17 20 - 607 35 68 20
Juan Torres - jtorres@deva.es91 360 17 20 - 666 58 28 37
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Iberpapel Gestion SA published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 08:35:10 UTC