Reno de Medici’s net profit down by 32% in first quarter
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Italian recycled board manufacturer Reno de Medici closed the first quarter of the new year with a net profit of €3.83m, roughly 32% below the figure for the same quarter of last year.
From the Directors’ Report on Operations:
Reno De Medici had a positive start of 2015 and recorded in Q1 an EBITDA of €10.7 million. The decrease compared to €13.8 million of 2014 is mainly due to the CEE – Certificates of Energy Efficiency (the so called ‘white certificates’), that in 2014 were granted for an higher amount for the completion of the projects envisaged by the 5-years plan. The profit for the period amounts to €3.8 million, and compares positively with €5.6 million of 2014, if considering the white certificates effect.
