NETHERLANDS: TenCate posts 40% Q2 profit hike
Strong demand for its protective fabrics from the US military has helped Royal Ten Cate NV to a 40% hike in first-half net profit before amortisation.
The company said yesterday (16 July) that its net profit before amortisation rose by an even higher 45% in the second quarter.
Quarterly sales were up 28%, and rose 20% over the half-year period to EUR510m (US$808m).
The company said second quarter EBITA in its Advanced Textiles & Composites sector rose by around 130%, helped by strong results at US armour composite maker Composix, which it bought at the beginning of this year.
Sales of its TenCate Defender M fire-resistant fabric, which was developed for the US military, are also high and should be boosted by demand from army units around the world.
Wearer trials are currently underway in Europe, TenCate said, adding that it has also set up an Asian joint venture for the material which will be operational from mid-August.
The company, which also has interests in the aerospace, geosynthetics and grass sectors, said the "market outlook for the second half of 2008 remains favourable."
Protective fabric maker TenCate today (8 December) said it expects the US military to order $35m worth of its Gen2 fabrics for use in combat uniforms in 2009....
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