Granitifiandre reports improved profitability in first quarter

Granitifiandre has reported positive figures for the first quarter of 2010 with revenues in line with that of last year but a considerable increase in operating margins.

EBITDA amounted to 5.5 million euro (+35.7%), corresponding to 12.3% of turnover (compared to 4.1 million euro and 8.9% in 2009). The parent company GranitiFiandre S.p.A. contributed 2.2 million euro to gross operating margin, StonePeak USD 2.4 million and the German subsidiary Porcelaingres 1.8 million euro. EBIT rose to 2 million euro (+161%), corresponding to 4.5% of turnover.

Turnover figures were also positive. Consolidated revenues totalled 44.9 million euro, in line with the figures for the corresponding period in 2009. The fact that sales remained substantially strong in spite of the difficult domestic and world economic situation was due to the growth in volumes in the United States, where the subsidiary Stonepeak Ceramics generated a turnover of USD 18.3 million in the quarter (22% up from the first quarter of 2009).

This resulted in net profits of 2.2 million euro, twice the figure for the whole of 2009.

Granitifiandre was chosen as the supplier of ceramic tiles for the Italian pavilion in the 2010 Universal Expo that opened in Shanghai on 1 May. Designed by architect Giampaolo Imbrighi together with the firm Iodice Architetti, the pavilion has an area of 3,600 square metres and a height of 18 metres and was named the best space in the Expo.