Reno De Medici reported 1Q net profit
As of March 31, 2016, the Reno De Medici (RDM) Group revenues from sales amount to Euro 111.6 million, vs. Euro 114.5 million in the 1Q of the previous fiscal year.
The slight decrease is mainly due to lower sold volumes, equal to 213,000 tons as at March 31, 2016 vs. the 217,000 tons sold in 1Q 2015. Such decline reflects the lower volumes sold in Western European countries, only partially compensated by higher sales in Eastern Europe and on overseas markets. Average selling prices are slightly lower than those of 1Q 2015.
As at March 31, 2016 Gross Operating Profit (EBITDA) is equal to Euro 9.3 million, compared to Euro 10.7 million in 1Q 2015. The effects of slightly lower revenues from sales and other income, as well as the impact of the cost of recycled fibers, have not been completely compensated by the decrease in energy costs and in other costs.
About the operating profit
In 1Q 2016 Operating Profit (EBIT) amounts to Euro 4 million, compared to Euro 4.9 million in 1Q 2015; the decrease was mainly driven by the lower EBITDA, partially compensated by lower Depreciation & Amortization.
In 1Q 2016, net profit is equal to Euro 2.7 million, vs. Euro 3.8 million in 1Q 2015.
The Reno De Medici Group is the leading Italian and second-ranked European producer of cartonboard based on recycled material.