A diversified company with an extensive portfolio in spinning, weaving and coating, manufacturing of garments, production of fine chemicals and processing of technical textiles, has reported EUR 16.5 million in profit, which constituted a 15.5% increase over the previous year.

Operating result

According to the company, the operating result was positively influenced by an increase in production efficiency in the apparel division and continuous rigorous cost control.

Sioen also decided to accelerate the upgrade of part of a production line. As a consequence, the company recorded an exceptional (one time) depreciation charge in the section non-recurring result. As a result, the operating result from continuing operations increased from EUR 23.8 million last year to EUR 27.8 million in 2014.

Financial results

Financial result of the Group amounted to EUR -4 million over 2014 against EUR -3.9 million in 2013. Income tax amounts to EUR 6.9 million over the year 2014, compared with EUR 5.2 million over 2013.

The company recorded EUR 16.9 million profit (loss) from continuing operations over the year 2014 against EUR 14.7 million over 2013. Profit (loss) for the period from discontinued operations amounted to EUR 0.4 million over the years 2014 and 2013.

Outlook

Volatile economic and financial indicators provide little ground for medium and long term growth projections, the company reports.

The manufacturer believes cost efficiency, an extensive product portfolio and a strong focus on innovation are the foundations of the future success.

www.sioen.com