Iberpapel's Q1 net profit down 85.7% year-over-year, to €620,000, due to sluggish growth in Spain's paper market and affect of government's energy reforms; Q1 net revenue down 11.4%, to €51.6M, with 12.3% jump in paper sales but lower prices

Spain , May 6, 2014 () – Spanish paper company Iberpapel (MCE:IBG) Tuesday saw its net profit fall by 85.66% in annual terms to EUR 620,000 (USD 860,620) in the first quarter of 2014, the firm said in a filing with national stock market regulator CNMV.

Iberpapel attributed the fall to the slow growth pace of the Spanish paper market and to the impacts of the energy reforms in the country.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 3.6 million, down 56.99% year-on-year. EBITDA margin plunged to 6.9% from 14.21%.

Iberpapel's net revenue dropped by 11.44% to EUR 51.6 million. However, paper sales grew by 12.32%, despite the lower prices in the period.

(EUR 1 = USD 1.388)

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