Grendene reports $152 million net profits
17/03/2008
In spite of adverse exchange rates for the Brazilian footwear sector, Grendene, one of the world’s largest producers of synthetic footwear, has reported 2007 net profits of $152 million, a 1% increase on its 2006 results.
According to information released by Grendene, Brazilian footwear imports are not affecting the company's operations. Grendene's share of the domestic market grew from 15.8% to 17.1% last year. Sales went up 10.4% if compared to 2006, from 145.6 million pairs to 161 million pairs and 27.5% of this pairage was exported.
Gross revenue closed 2007 at $900 million, 9.8% higher that the year before. Of that total, 15.1% originated from foreign sales which grew 22.5% to $136 million. Net revenue increased 9.1% to $708 million. Adjusted Ebtida (profits before tax, interest, depreciation and repayments) grew 6.6% in the period and reached $199 million.
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