Ceramiche Ricchetti Group reports results for first 9 months

Ceramiche Ricchetti Group has closed the first 9 months of 2011 with a consolidated turnover of 144.4 million euro, 3% down on the same period the previous year. However, while turnover has fallen, operating margins and financial position have improved.

Consolidated EBITDA amounted to 4.8 million euro (3.4% of the value of production), compared to 3.4 million euro (2.5% of the value of production) in the same period in 2010. EBIT totalled -0.8 million euro (-0.6% of the value of production), an improvement on the -2.3 million euro (-1.7% of the value of production) in the same period in 2010. Costs as a percentage of the value of production improved slightly, down from 97.5% at 30 September 2010 to 96.6% at 30 September 2011. This smaller percentage is largely due to the increase in profit margins on sales reported by the Group’s Italian companies.

The parent company and Biztiles reported a joint EBITDA to 30 September of -3.3 million euro compared to the -5.8 million euro to September 2010. Positive aspects of the net financial position to 30 September 2011 include an indebtedness of 99.0 million euro compared to the 107.6 million euro to 30 September 2010. The net consolidated result was -3.9 million euro (-11.5 million euro to 30 September 2010) with pre-tax results of -4.4 million euro (-8.8 million euro to 30 September 2010).