Paperpack says turnover, profits up in 2016

Paperpack on Friday said its turnover grew 7.85 pct in 2016 to 15.247 million euros, from 14.137 million in 2015. EBITDA grew 4.07 pct to 2.632 million euros, pre-ax earnings rose 5.29 pct to 1.931 million and after tax earnings rose 8.75 pct to 1.353 million euros from 1.244 million in 2015.

The company reported positive cash flows of 1.713 million euros in 2016 and said cash reserves totaled 2.623 million. Bank debt fell by 409,000 euros, while Paperpack invested 525,000 euros last year and a total of 3.254 million in the 2014-2016 period.
The company’s board plans to pay a 0.12 euro per share dividend to shareholders.

Paperpack signed an agreement with Alpha Bank and Alpha Bank London Ltd to issue a five-year bond loan worth 3,500,000 euros. The proceeds of the loan was used to repay the company’s existing debt.