PEGAS NONWOVENS SA is pleased to announce its unaudited consolidated financial results for the first nine months of 2007 to September 30th, 2007 prepared according to International Financial Reporting Standards (IFRS).
“In the third quarter and as in the first 9 months of 2007, PEGAS NONWOVENS SA maintained steady revenues while investing in new production capacity in the 8th production line and we are satisfied with the achieved results. The installation of the new production line is on time and on budget and it is expected to be at full production in January, At the same time we are preparing plans for a 9th production line.
At the end of the period we employed 376 people in Znojmo and Bucovice. PEGAS is now Europe's second largest producer of PP/PE spunmelt nonwoven textiles and current installed capacity equates to 11.4% of the European market and 16.9% of the PP/PE spunmelt nonwoven hygiene textile market.
We have increased our specialty revenues from Euro 6.13 million in Q1 2007 to Euro 7.21 million in Q3 2007 and our production capacity has been increased by 3.1% in the first nine months of 2007. We have reduced our finance costs by 33.6% on a yoy basis because we repaid the most expensive debts.
Because of our ability to continuously increase production and operating efficiencies, to develop new products and also due to our geographic location we continue to be one of the best positioned companies in the industry”, commented Mr. Miloš Bogdan, member of the Board of Directors of PEGAS NONWOVENS SA and managing director of PEGAS NONWOVENS s.r.o.
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