Turnover in the second half of 2023 remained below expectations, but a turnaround now appears to have begun. Polytec achieved a turnover of 172.3 million euros in the first quarter of 2024. However, the plastics processor has not yet been able to leave the loss zone.
At the end of April, Polytec presented its figures for 2023, which showed a loss after tax of 14.1 million euros. And what does the start of the new financial year look like? The plastics processor from Hörsching (Upper Austria) reports a “very clear positive turnaround” when looking at operating profit before interest and taxes.
However, the financial result (minus 2.6 million euros) and the result after taxes (minus 1.4 million euros) are still negative. The high interest rates on loans and debts leave their mark here. Interest rate cuts, as promised by the European Central Bank, should bring relief here in the coming months.
Measures taken to increase efficiency
Management’s view of the future is absolutely positive, even if uncertainties make predictions difficult, as the company emphasizes. Measures to increase operational efficiency, mainly implemented in two factories, are already showing improvements.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
