TenCate trading update shows healthy second quarter profits
Published on 17 July 2009
In advance of the publication of the half-year figures on Wednesday 26 August 2009 and on the basis of provisional results, it is announced TenCate's net profit for the second quarter fell back by approximately 26% compared with the second quarter of 2008. With a stringent cost reduction policy and a tight liquidity management, as of 30 June 2009 TenCate remained well within the covenants agreed with the banks. The debt / EBITDA ratio improved compared to the previous quarter to approximately 2.5 (covenant 3.0).
As a result of the current economic climate TenCate has given priority to managing financial risks. Priority was given to debt reduction and maintaining a strong balance sheet, above short-term profit.
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