CIN results

Consolidated group sales of 87.3 million euros increased by 5.5 per cent over the corresponding period last year.

In Portugal, sales grew by six per cent and reached 55.4 million euros. Within this, the decorative paint sector showed marginal growth of 0.6 per cent, reflecting a depression within the Portuguese construction industry and the lethargy of the private consumer. However, with an estimated market downturn of five per cent, the group believes that it has once again improved its market share.

Sales of Vehicle Refinishing products grew by 8.5 per cent and protective coatings, up by over 23 per cent, were boosted by some major projects, including the extension to Porto’s airport.

General industrial products also showed considerable growth (+11.3 per cent), due to a good performanceof powder coatingsand the improvement of liquid paint sales.

The Iberian paint market is heavily dependent on the decorative sector and this is linked to the housing market and private consumption. In Portugal these two factors have seriously impeded performance in the sector and CIN expects that this will continue to affect growth in the short term. The group intends, therefore, to continue directing efforts towards differentiation and optimising resources. It will shortly be opening a new finished products warehouse to provide increased capacity at a lower cost.