Sic Processing, a provider of recycling for used slurry, released its financial details, along with confirmation of its BBB+ rating certificate 2011 by Creditreform Rating Agency. The company noted that its group sales were up 19.4%, compared to the first half of 2010, during the first half of 2011 to €90.9 million.
However, SiC reported that its group net income did fall by €2 million to €9.5 million, from €11.5 million in the first half of 2010. The company cited currency exchange effects and increased interest expenses in the first part of 2011, which lent to the drop in comparison to 2010.
Group sales for fiscal year 2011 are anticipated to reach between €180 million and €190 million, over the €160 million in 2010. Through the end of the year, total production capacity will be 407,000 tons per year, but SiC noted that with production sites under construction, the company will eventually have 10GW of installed capacity.