Debica profits lower in Q3
In the third quarter of 2011 Polish tyre maker Debica S.A. reported sales of PLN 717 million (£138.6 million), a 38.9 per cent year-on-year increase. Operating profit in the July to September quarter rose 61.6 per cent year-on-year to PLN 59.9 million (£11.6 million) while net profit, at PLN 32.6 million (£6.3 million), was down 9.62 per cent compared with the third quarter of 2010.
Year to date sales at the end of the third quarter amounted to PLN 1,778.2 million (£343.6 million), up 33.7 per cent year-on-year. Operating profit, at PLN 111.4 million (£21.5 million), increased 37.4 per cent. Net profit over the first three quarters rose 24.8 per cent year-on-year to PLN 15.0 million (£2.9 million).
“This year our Company closes another quarter with excellent financial performance, up by almost 40 per cent compared to the same period in 2010,” commented Jacek Pryczek, president of the Debica S.A. Management Board. “The tribute should go to all associates of Tire Company Debica S.A., but it was also thanks to pursued strategy with the cornerstone being cost efficiency, very good products meeting high requirements of drivers as well as pursued investment policy.”
During the third quarter Debica exported PLN 560 million (£108.2 million) worth of tyres, an amount equalling 78.1 per cent of total sales in terms of value; 99.8 per cent of all exports were sold to entities linked to the Goodyear Group. Domestic sales in this three-month period came to PLN 157 million (£30.3 million), of which 62.6 per cent was through Goodyear Dunlop Tires Polska. Goodyear Tire & Rubber currently holds 65.99 per cent equity in Debica S.A.