Litostroj Power reports orders picking up
In a filing with the Agency for Public Legal Records (AJPES) the core company reports generating a net profit of EUR 100,000 for 2015, which compares to a loss of EUR 1.2m the year before.
Gross operating profit (EBITDA) also increased slightly to EUR 2.2m, although revenue fell by 35% to EUR 30m.
The company highlights an increase in orders, which at EUR 71m exceeded projections by 15%. The bulk are for equipment for hydro power stations.
About one third of the orders are from East Europe and the Balkans, 24% from Scandinavian countries and 19% from the US.
Meanwhile, Litostroj Power Group, which also includes Litostroj Hydro in Canada, ČKD Blansko Engineering in the Czech Republic and Litostroj BH in Bosnia and Herzegovina, generated a loss of almost EUR 2m.
Group net sales revenue fell by 39% to EUR 38m and EBITDA contracted to EUR 1m, from EUR 3m in 2014.
All members of the group acquired new orders to the tune of EUR 83.4m.
Litostroj Power employed 389 staff at the core company and 539 at the group at the end of 2015.
The group is projected to break even this year with the net profit target of EUR 2.8m on net sales revenue of EUR 60.45m.
The parent company is projected to generate a net profit of some EUR 2m on EUR 34.55m in net sales revenue.
EUR 1.89m is earmarked for new investment at the group level, mainly in the Asian market.
Litostroj Power was acquired by the Czech company Energo-Pro in April 2014.