Cognor S.A. Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2017
May 14, 2017
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Cognor S.A. announced consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported revenue of PLN 429,529,000 against PLN 355,672,000 a year ago. EBIT was PLN 31,620,000 against PLN 5,007,000 a year ago. Profit before tax was PLN 37,164,000 against loss of PLN 8,696,000 a year ago. Profit was PLN 30,348,000 against loss of PLN 6,549,000 a year ago. EBITDA was PLN 41,232,000 against PLN 13,799,000 a year ago. Adjusted EBITDA was PLN 42,690,000 against PLN 12,969,000 a year ago. Adjusted net profit was PLN 13,410,000 against loss of PLN 5,868,000 a year ago. Operating activities was PLN 30,437,000 against PLN 29,016,000 a year ago. Net debt as at end of quarter of PLN 423,428,000 against PLN 413,318,000 a year ago. The Group's revenues increased by PLN 73.9 million and 20.8% due to the increase in shipments of scrap metal by 3,700 tonnes and 15.3% and billets by 25,000 tonnes and 64.5%. This was partially offset by a decrease in sales of finished products by 14,600 tonnes and 11.5%. The combined 7.4% increase in shipments of ferrous scrap metal, billets and finished products was coupled by an increase in their prices to the tune of PLN 283 per tonne and 40.8% for scrap metal, PLN 453 per tonne and 30.8% for billets and PLN 313 per tonne and 16.3% for finished products.
Cognor Holding SA, formerly Cognor SA, is a Poland-based company that operates in the steel industry. The Companyâs activities are divided into four business segments: Scrap, Production, Distribution and Other. The Scrap division focuses on buying, processing, refining and selling of scrap metal and nonferrous scrap. The Production division is responsible for processing scrap metal into steel billets, as well as converting steel billets and nonferrous scrap into finished products. The Distribution division sells various commodities, such as steel products, steel and nonferrous scrap and steel billets. The Other division includes materials recycling, among others. The Company's products range comprises metal bars, steel sheet, plates, pipes and rods, as well as sheet zinc and tin plates, among others. It operates through a number of subsidiaries, such as Cognor Blachy Dachowe SA, Zlomrex Metal Sp z o o and Huta Stali Jakosciowych SA. The Company is controlled by PS Holdco Sp z o o.