PRAGUE (Reuters) - Czech artificial textile maker PFNonwovens (PGSN.PR) reported on Thursday a 9.6% drop in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2019, missing its outlook.
EBITDA dropped to 1.22 billion crowns ($48.99 million), hurt by lower production efficiency and delays in new lines, it said in its annual report published on Thursday. The company had expected 2019 EBITDA in the range of 1.30-1.45 billion crowns.
PFNonwovens said it expected EBITDA in 2020 to reach 1.25-1.40 billion crowns while investments this year would not exceed 800 million crowns.
The company added its production had not been impacted by the coronavirus outbreak and it was running full output. It said new lines put online last year would boost production in 2020.
Reporting by Jason Hovet