Pelikan CEO Loo Hooi Keat
Operating profit of SFr6.7 million ($7.4 million/€5.5 million) and net profit of SFr4.1 million ($4.5 million/€3.3 million) in first six months of 2013 (H1) reported.
According to OPI, an interim report from Pelikan’s Switzerland-based holding company showed significant growth in both operating and net profit for the six months leading to 30 June 2013, with Pelikan attributing a “focus on more profitable sales channels and improved product mix” to the improved performance, as well as the effects of its restructuring programme, which has led to 100 jobs being cut, mainly in Germany.
Operating profit reached SFr6.7 million, compared to SFr4 million ($4.4 million/€3.2 million) a year earlier, while net profit rose from SFr1.1 million ($1.2 million/€900,000) a year ago to SFr4.1 million.
However, the company’s sales continued to fall, with a decline of 8.6 percent in H1 to SFr100 million ($110.3 million/€81.5 million), said by the stationer to be due to “strategic decisions taken to streamline its printer consumables business”. It added that sales of school, hobby and office products had been “solid”, with double-digit growth recorded in fine writing instruments.
While Pelikan expects further challenges in the European and Latin American markets, it added that it would achieve synergies from the consolidation of its Pelikan and Herlitz divisions taking place by the start of 2014.
The Recycler has recently reported on the termination of a deal between Pelikan and Chinese stationery company China Stationery Limited (CSL) in September due to disagreements on product pricing, with the company stating that it did not expect any “operational or financial impact” as a result of the deal ending.