Panaria Group's first quarter results

The severe economic downturn has adversely affected Panaria Group’s first quarter results.
But although the company has experienced a decline in all its main economic indicators, it has succeeded in limiting the fall in turnover to 16.8%, compared to the 23% downturn experienced by almost all Italian companies according to the latest figures published by Confindustria Ceramica.

Consolidated revenues fell to 71.4 million euro compared to the 85.8 million euro of 2008 due to the fall in sales in the Group’s three main markets: Italy, Europe and the USA. Gross operating margin (EBITDA) amounted to 3.7 million euro (5.1% of the value of production).

However, newly elected chairman Emilio Mussini is confident of the Group’s structural solidity and market strength and its ability to overcome the current market difficulties