Ospedaletto di Istrana, Italy-based Pro-Gest S.p.A., has confirmed its first half year results.
Sales revenue reached €489.8m, an increase of +52.3% compared to the same period last year, and EBITDA of current operations equal to €92.4m, up by + 107.9%. Normalized EBITDA is equal to €103.2m, compared to € 56.5m the year before.
Francesco Zago, CEO, commented, “We are satisfied with the performance recorded by the Group, both in terms of economic results and financial ratios. This assessment refers to the paper mill division, which performed well despite the critical issues related to energy costs, as well as to the packaging divisions, which showed a good stability of consumption. To all this is added the recent success of a highly innovative communication campaign linked to the Group’s sustainability projects which has helped to focus the attention of customers on the activities and value of the Group’s products and services.”
In other news, it has been reported that mill in Mantua is still idle. Production has not resumed after the extended maintenance shutdown in the summer, with the company citing current prices for energy and its impact on paper prices and overall demand.