Altri profits fall 34.3% to €19.6 million

 In Biofuel, Companies, News, Original, Paper and Paper Pulp

Profits at the Portuguese paper and paper paste company Altri tumbled 34.3% to €19.6 million and revenues fell 9.9% to €224.7 million for the first quarter of 2023.

The company which is led by José Soares de Pina views these Q1 results in the light of the global ‘destocking’ that is occurring in the paper industry.
“The context of destocking throughout the paper industry value chain, as a result of a slowdown in global demand and a fall in sales at a time of a relaxation in the price of fibre” was behind the fall in results”, said the CEO of Altri in a note sent to the stock market commission CMVM.
The results come after the company saw profits soar because of pent up demand by 23% to €152 million in 2022.
EBITDA stood at €50.2 million, a fall of 17.6% like-for-like while the EBITDA was €50.2 million, a fall of 17.6% in like for like terms. The EBITDA margin fell 2.2% to 24.5%.
The fall in the margin is explained by the “evolution of revenues linked to the main variable costs that continue to be higher than seen in the first quarter of last year, leading to a negative evolution on margin in relation to the like-for-like quarter”, states Altri in the results sent to the CMVM.
Capital investment climbed from €6.8 million to €18.4 million in Q1 which included €6.6 million related to a new biomass boiler at its biorefinary at Caima which produces cellulose fibres for the textile industry. In 2022, Altri’s profits rose 30% to €117 million to September.