Verona, Italy-based construction steel producer Manni Group has announced its consolidated financial results for 2011. Despite the difficult economic and financial environment and, in particular, the negative trend in the construction sector, it still managed to record an increase in its turnover.
In 2011, Manni Group achieved a turnover of €541.21 million, up 6.4 percent compared to 2010, though its net profit decreased by 49.4 percent to €3.5 million.
2011 (million euro) | 2010 (million euro) | Y-o-y change (%) | |
Turnover | 541.21 | 508.81 | +6.4 |
EBITDA | 18.85 | 21.97 | -14.2 |
EBIT | 9.70 | 10.83 | -10.4 |
Net profit | 3.50 | 6.92 | -49.4 |
Meanwhile, its debt, which amounted to €10.45 million at the end of 2010, had decreased to €7.85 million at the end of 2011.
Company president Giuseppe Manni said that the period under review was marked by extraordinary events that affected the economy both globally and in the euro area. The Italian economy fell into recession in the second half of the year for the fourth time since 2011 and, unfortunately, the same trend is also evident in the current period. He said that the areas of greatest consumption of steel, construction and mechanical sector, were experiencing a negative trend in Italy: in particular, since 2007 new building constructions (including the public sector) have collapsed by about 35 percent; the mechanical sector, meanwhile, continued the positive trend started in 2010, albeit at different speeds between the first and the second half of 2011.