Pegas Advances to One-Month High as Profit Jumps: Prague Mover
Pegas Nonwovens SA (PEGAS), a Czech maker of nonwoven textiles, rose to the highest level in about a month after reporting a 57 jump in third-quarter profit.
The shares rose less than 1 percent to 465 koruna in Prague, the highest level on a closing basis since Oct. 24.
Net income rose to 8.6 million euros ($11.1 million) in the third quarter while revenue increased 10 percent to 47.9 million euros, the Znojmo, Czech Republic-based company said in a regulatory statement today.
“The results were above our estimates and market consensus,” Josef Novotny, a Prague-based analyst at Ceska Sporitelna AS, wrote in a note. “We expect a positive market reaction today.”
The company expects an annual increase in earnings before interest, taxes, depreciation and amortization at the “lower” end of its forecast range of 5 percent to 15 percent, according to the statement.
To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net
To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net
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