Polymer Group posts sales increase in Q2 and first half 2006

21/08/2006

US producer of nonwovens Polymer Group Inc. has reported net sales of $248.7 million for the second quarter, ended July 1, up $12.8 million compared with the second quarter of 2005. Sales growth was driven primarily by higher volumes, improved mix and the effects of higher selling prices as a result of higher raw material costs. The majority of the volume gains occurred in the Latin American and US nonwoven markets.

Gross profit was $36.5 million in the second quarter compared with $41.9 million in the prior year period.

For the six months ended July 1, sales were $509.1 million, up $28.9 million, or 6%, from the same period in 2005. The company's year-to-date gross profit was $79.7 million compared with $85.9 million for the prior year six-month period.

The company also reported that each of the three new capacity installations initiated in late 2004 and 2005 are complete and at various stages of start-up.