H1 Net Sales Drop 19% At Nonwoven Fabrics Producer Suominen
Net sales at nonwoven fabrics and roll goods manufacturer Suominen dropped 19 percent in the third quarter ended September 30, 2023 to €106.4 million as against €131.9 million in the year ago quarter.
However, EBITDA improved slightly to €5.2 million in the quarter under review compared to €5.1 million in the comparable quarter.
Cash flows in the July to September 2023 months however turned positive at €8.0 million as against a negative cash flow of €10.8 million in the third quarter of earlier fiscal.
In the first half ending September 30, 2023, net sales declined 7 percent and stood at €335.9 million as against €360.2 from a year ago period
Here too EBITDA rose marginally to €10.5 million in the period under review from €10.3 million in the first half of 2022.
Cash flow from operations also turned positive at €17.6 million in the six months to September 30, 2023 when compared with a negative cash flow of €1.6 million.
The Finnish company expects that its comparable EBITDA in 2023 will increase over and expects comparable EBITDA to be €15.3 million.
“The third quarter showed signs of improved profitability. Our quarterly comparable EBITDA improved slightly, the highest level since the fourth quarter of 2021, due to rise in sales margins,” CEO Tommi Björnman said.