Wellman International, the manufacturer of polyester fibre has reduced its losses to €2.4 million in the year 2009, owing to the fall in energy costs and increase in its margins. The company has registered a single percent increase in revenue to €102.4 million during last year.
The company's earnings from ongoing operations have showed an increase as a result of the improvement in company's margins, reduction in the energy costs and freezing of labor wages. The company has emerged as the biggest manufacturer of premium polyester staple fibres in Europe. It manufactures polyester fibres using recycled raw materials.
The directors of the company were of the view that even though the energy costs have fallen in 2009, but the rise in prices of raw materials and less expenditure by buyers due to the economic crisis, have brought a number of difficulties for the company in 2010. The company is trying its level best to bring down the costs. It had incurred an operating loss of €2.8 million in 2008 and made an operating profit of €896,000 in 2009.
The company's pretax loss has been estimated at €2.2 million in comparison to €5.1 million in 2008. The loss retained for 2009 is €2.4 million as against a loss of €4.4 million in 2008.
The company utilizes PET bottles as raw materials for its Irish unit, which has the potential of manufacturing over 80,000 tons of fibre every year.
Fibre2fashion News Desk-India
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