(Repeats story published on Aug 25)
* Pegas Nonwovens Q2 results
* Aug 27 before 0715 GMT
* EBITDA seen at 7.84 million euros ($11.2 million)
PRAGUE (Reuters) - Czech-based Pegas Nonwovens <>
is expected to post a 23 percent drop in second-quarter core
profit, after prices for its artificial textiles fell while
input prices rose, a Reuters poll showed on Tuesday.
Eight analysts gave an average estimate for profit before
interest, tax, depreciation and amortisation (EBITDA) of 7.84
million euros, down from 10.22 million in the same quarter a
year ago.
Net profit was seen down 22 percent at 9.12 million euros,
but the figure is usually distorted by non-cash items, such as
debt and interest rates swap revaluation.
Pegas sets prices a quarter ahead, based on prices of the
group's main raw material, polymers, which bottomed in the first
quarter.
At the same time, input prices for Pegas have risen on the
back of rebounding crude oil prices, hitting the operating
level.
"Pegas released very strong first-quarter results, thanks to
old inventory sales. Second quarter should shed more light on
the rest of the year, especially in terms of non-wovens price
erosion," said Radim Kramule, analyst at Ceska Sporitelna.
For the first three months, Pegas posted a 39 percent jump
in EBITDA and said it would be the best quarter this year,
before the erosion in artificial textile prices takes its toll.
For the full year, the firm forecast an up to 10 percent
drop in the core profit.
Pegas's shares have jumped 90 percent this year,
outperforming a 38 percent rise in Prague bourse's PX index
<>. The stock has added 20 percent in the past year,
compared to an 18 percent drop in the overall market.
Following is a summary of analyst estimates (in mln eur):
Average Median Range Q2/08
REVENUE 26.83 26.61 25.37- 28.90 37.59
EBITDA 7.84 7.76 7.28- 8.36 10.22
OPERATING PROFIT 4.16 3.93 3.58- 5.05 6.01
NET PROFIT 9.12 8.81 7.40- 11.24 11.68
--------------------------------------------------------------
The following banks and brokerages took part in the poll:
Atlantik FT, BH Securities, Cyrrus, Erste Bank/Ceska Sporitelna,
Patria Finance, Komercni Banka, UniCredit Global Research, Wood
& Company.
(Reporting by Jan Korselt; Editing by David Holmes)
($1=.6990 Euro)
