May 26, 2016 / 6:11 AM / a year ago

Czech firm Pegas Nonwovens Q1 profit falls 97 pct, misses estimates

PRAGUE, May 26 (Reuters) - Czech artificial textile maker Pegas Nonwovens’ first-quarter net profit fell 97 percent, mainly due to exchange-rate losses, it said on Thursday.

Net profit fell to 0.5 million euros, below the average estimate of 1.75 million euros expected in a Reuters poll.

Core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), dropped 8.1 percent to 11.6 million euros, in line with estimates.

The company confirmed its full-year EBITDA guidance, expecting it to grow to 43.0 million to 49 million euros. (Reporting by Robert Muller; editing by Susan Thomas)

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