In the first quarter 2017 Hexagon Composites generated NOK 346.2 (291.6) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 35.1 (18.6) million. Operating profit (EBIT) was NOK 16.6 (3.2) million and profit/loss before tax came to NOK 6.3 (-2.6) million.
The financial statements for the first quarter 2017 include the Group's fifty-percent share of Agility Fuel Solutions results accounted for under the equity method. In addition, the fully consolidated financial results of the acquired xperion Energy & Environment ("xperion") and related group subsidiaries are included. There are no restatements to previously reported figures as a result of the transactions which occurred and were first reported in the fourth quarter 2016.
Overall, the quarter's Group results show a marked improvement in profitability both versus the first quarter 2016 and the previous quarter. Operating results in the first quarter were impacted positively by a 42% growth in revenues within the Low-Pressure segment versus the same period last year. Sales volumes of Mobile Pipeline® were solid for a second consecutive quarter, however generated profit from this business unit was not enough to achieve profitability overall within the High-Pressure segment.
After balance sheet date