Vista Alegre cuts losses in Q1

 In Companies, News

The Portuguese fine bone china and crystal glass company Vista Alegre has reduced its losses in Q1 to €300,000.

The company registered a business turnover of €30.3 million, up 59.6% like-for-like on 2021.
It compared with a net negative result of €2.3 million in Q1 of 2021.
In a note sent to the Portuguese stock market commission (CMVM), Vista Alegre emphasises that the “first quarter of 2022 was affected not just by the continuing impact felt by the Covid-19 pandemic, but also by the uncertainty caused by the geopolitical conflict caused by the invasion of Ukraine.
“This exacerbated the rise in energy costs (mainly the cost of natural gas), fuels and raw materials”, states Vista Alegre.
All these rising energy costs have had an impact on Vista Alegre’s costs by around 485% on 2021, putting the company’s net results into the negative in the first quarter of 2022.
In the first three months of 2021, Vista Alegre posted a business turnover of €30.3 million, up 59.6% in like-for-like terms and the result before EBITDA more than tripled (255.9%) to €4.2 million.
“The overseas market represented 77.3% of the company’s business with €23.4% of sales” states the group with growth in fine bone china and ceramics at 69% and 77% respectively and porcelain revenues stood at €10.3 million which represents a 44% on the previous year.