Marcolin sees sales decline

The Marcolin Group has reported a 3.6 per cent decrease in sales for the first nine months of 2012, which it blamed on a slow European market while other regions performed well.

Net profit fell from €17.3m for the same period in 2011 to €11.7m and the company reported a net indebtedness of €16.7m, which it described as reflecting the company's general performance in the period.

'During the first three quarters of the year the group continued to invest in brands and in its organisation according to a medium-term strategy despite falling sales in Europe, a market for which it decided to keep pace with the demand instead of saturating customers with products and to focus on credit quality,' it said.