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Pegas Rallies to Five-Year High on Earnings: Prague Mover

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May 23 (Bloomberg) -- Pegas Nonwovens SA, a Czech maker of textiles used for diapers and furniture, jumped to a five-year high after its first-quarter revenue and profit increased.

The shares climbed 12.6 koruna, or 2.3 percent, to 547 koruna in Prague, advancing to the highest level since April 2008 and extending this year’s gain to 13 percent.

Earnings before interest, taxes, depreciation and amortization rose 6 percent to 10.1 million euros ($13 million) in the first quarter while revenue increased 13 percent to 49.9 million euros, the Czech Republic, Znojmo-based company said in a regulatory statement today.

“The results were above expectations,” Ceska Sporitelna analyst Josef Novotny in Prague said in a note. “Ebitda was positively affected by higher sales of finished products as well as sales of inventories accumulated in prior periods and also by an increase in polymer prices.”

Pegas maintained its forecast for Ebitda to grow from 5 percent to 15 percent this year, 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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