Iberpapel Gestión S A : posts €6.03 million net profit despite unprecedented circumstances
July 29, 2020 at 04:35 am EDT
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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.
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
Iberpapel Gestion SA is a Spain-based holding company engaged in the paper industry. The Company operates through three divisions: Forestry, involved in the acquisition and cultivation of eucalyptus plantations in Argentina, Uruguay and Spain; Industrial, focused on the production of bleached pulp and paper products, and Commercial, specialized on the distribution of products such as printing and photocopy paper, offset paper, light-coated paper, laser printing paper, paper bags and envelopes. The Company's subsidiaries include Distribuidora Papelera SA, Moliner Dominguez y Cia SA, Ibereucaliptos SA, Papelera Guipuzcoana de Zicunaga SA, Central de Suministros de Artes Graficas Papel SA and Copaimex SA, among others. The Company's major shareholders include ONCHENA, SL and BESTINVER GESTION, SA.