Earnings Poll: Tax, regulation seen slowing Spain's Viscofan in Q1
23/04/2013 16:03
* Results due April 24, after market close
MADRID, April 23 (Reuters) - Increased taxes and new
regulation are likely to slow growth at Spanish sausage skin
maker Viscofan in its first quarter, a Reuters survey on Tuesday
forecast.
The company is seen on Wednesday posting a 1.7 percent rise
in net profit in the first three months of the year, short of
its 3 percent to 4 percent target as it absorbed tax and
regulatory changes including a new levy on cogeneration of
electricity at industrial plants.
Analysts are comfortable Viscofan, which grew net profit 3.8
percent in 2012, will increase growth later in the year, boosted
by production in China.
Viscofan, which entered Spain's blue-chip index at
the start of the year, is the world leader in artificial casings
with more than a quarter of global share, ahead of Britain's
Devro which has 13 percent.
It also makes canned foods and ready meals through its unit
Grupo IAN.
It sells casings for all kinds of sausages and meats in 100
countries around the world, tapping into rising demand for meat
in places like China and Brazil and the need for cheaper meats
in mature markets.
Quarterly net profit is forecast to come in at 23.7 million
euros on revenues of 185.8 million, up 4.4 percent year-on-year,
a survey of five analysts showed.
Following are the results of the poll in simple averages and
millions of euros.
2013 Q1E 2012 Q1 PCT RANGE OF ESTIMATES
NET PROFIT 23.7 23.3 1.7 21.5-25.0
EBITDA 43.7 42.8 2.0 41.1-45.0
REVENUES 185.8 177.9 4.4 183.6-189.0
(Reporting By Sarah Morris)
((sarah.morris@thomsonreuters.com)(0034 91 585 8530 x8328))
Keywords: VISCOFAN/