TeraPlast Group's nine-month net profit up 41 pct

TeraPlast Group's nine-month net profit stands at 43.3 million lei, up 41 percent from the same period of the previous year, the company said in a statement submitted to the Bucharest Stock Exchange.The Group's turnover increased to 415 million lei, 46 percent up from the 310 million lei in turnover registered in the first three quarters of 2020.In the first 9 months of the year, the company's operating profit increased by 37 percent to 50.5 million lei, from 36.8 million lei in the year-ago period.The nine-month earnings before interest, taxes, depreciation and amortization advanced 32 percent to 64.5 million lei from 49 million lei registered over the first three quarters of 2020.TeraPlast investments as of September 30 amounted to 83 million lei, and are expected to impact future financial results as the projects become operational, the statement says.Also, the group's management is constantly looking for new development opportunities through investments or acquisition operations that will generate long-term growth for the company in the flexible packaging segment, but not only, the cited source said.TeraPlast CFO Ioana Birta specified that the group is in the final stage of commissioning its biodegradable packaging plant."This is a business line we see as carrying great growth potential and which, along with the recycling segment, represents our commitment to sustainable economy and the conservation of resources. The plant will become operational in the coming weeks. We are glad that despite all the major challenges of this period we succeed in completing this very complex project, without deviating significantly from the initial schedule. EBITDA in the newly added packaging segment has been affected by these minor delays, but also by the costs involved by rendering this major project operational. However, we are convinced that the investments made will produce promising results in the medium and long term in the biodegradable packaging sector where we want to become one of Central and Eastern Europe's major players," said Ioana Birta.TeraPlast Group includes companies TeraPlast, TeraGlass, TeraPlast Recycling, TeraBio Pack and Somplast. Starting with July 2, 2008, TeraPlast SA is listed on the Bucharest Stock Exchange under the ticker symbol TRP. The company's shares are included in the BET reference index of the Bucharest Stock Exchange and, from September 2021, in the Small Cap and Global All Cap FTSE Russell indices.