La Seda de Barcelona, the Spanish PET resin and packaging group, has benefited from operational improvements which it started last year as part of a five-year restructuring plan.
The company reported turnover of €577m and operating profit (EBIT) of €5m in the half-year to 30 June. In the first half of 2010, LSB made an operating loss of €4m.
It said it has also reduced its net consolidated losses before taxes by 88% from €33m in the first half of 2010 to €4m in the first half this year.
The PET resin division of LSB increased turnover by 28% to €275.6m during the first six months of this year.
“The increase in the division’s EBITDA, to €12.8m, shows proof of a notable improvement in the management of margins and fixed costs of this division,” said LSB.
It added the operations of the resin division during the first half of the year were affected by difficulties in the supply of PTA feedstock and by the increase in PET prices.
The packaging division of LSB increased turnover by 18%, generating EBITDA of €24.8m. This was despite the fast growth in PET prices which had a negative effect on the demand for PET packaging, it said.
Chairman of LSB, Carlos Moreira da Silva, said: “During the second half of the year, the company will continue to give priority to business development based on the results of R&D in packaging and recycled PET.
La Seda improves its results