In the first quarter 2016 Hexagon Composites generated NOK 291.6 (401.6) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 18.6 (52.9) million. Operating profit (EBIT) was NOK 3.2 (39.5) million and profit/loss before tax came to NOK -2.6 (53.3) million.
Operating results in the first quarter were impacted positively by a 17% growth in revenues within the Low-Pressure Cylinders segment versus the same period last year. However weak sales volumes for Mobile Pipeline™ solutions has hampered overall profitability for the Group, within the High-Pressure Cylinders segment. The cost initiatives executed in 2015 are being realized in 2016.
For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASATelephone: +47 916 30 550 | email@example.com
David Bandele, CFO, Hexagon Composites ASATelephone: +47 920 91 483 | firstname.lastname@example.org
Solveig D Saether, Communication Manager, Hexagon Composites ASATelephone: +47 906 34 977 | email@example.com