Pfleiderer reports business revival in third quarter

Panels manufacturer Pfleiderer AG has reported a revival business in both western and eastern Europe during the third quarter.

The Neumarkt-based manufacturer recorded third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of €26.4m, down from €60.2m a year ago, from €347.3m revenue (2008: €436.4m).

EBITDA for the first nine months was €105.5m, down 41% on a year ago, with revenue standing at €1.039bn (2008: €1.35bn).

A 3.8% revenue increase in the third quarter, compared with the previous quarter, was “stronger than usual at this time of year and indicates a general revival of demand”, said Pfleiderer.

“At present, we cannot yet say with certainty how sustained this positive development of demand will be,” said CEO Hans Overdiek.

“In recent months, production capacities totalling 1.2 million m³ have been closed in central Europe, so capacity utilisation has improved again. This opens up new scope for some price increases, with which we intend to offset the expected increases in raw material prices.”

Pfleiderer said it had reached agreement with its lenders on key points concerning future financing.