S&B Industrial Minerals SA, a Greek minerals company founded in 1934, sees continued sales growth this year helped by demand for industrial metals from emerging markets, said Chief Executive Officer Kriton Anavlavis.
Net income in the first quarter rose to 4.1 million euros ($6 million) from 4 million euros in the same period a year earlier, the Athens-based minerals company said today in a bourse filing. Sales rose 17 percent from the year earlier period to 112 million euros.
“Metallurgical growth is a breeze in our sails and this is what is propelling us forward,” Anavlavis said in a telephone interview today. The company’s performance was helped by “bullish” sales in Brazil, China and India, he said.
S&B manufactures and trades industrial minerals and ores for the steel, metallurgy and construction markets, including bauxite, perlite and bentonite. Metallurgy is the process of separating metals from their ores and preparing them for industrial use.
Bauxite production returned to “recovery mode,” after resolving permit issues in Greece, Anavlavis said. Bauxite revenue rose 4.7 percent to 7.3 million euros in the quarter.
Bureaucracy can make permit issuance a lengthy process in Greece, which dropped 12 places to 109 in the World Bank’s “Doing Business 2011” report, which compares business regulation in 183 countries.