EANS-Adhoc: Westag & Getalit AG
Revenues remain stable in Q1/2010; Earnings up
on the prior year quarter
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
29.04.2010
Following a moderate start to the new fiscal year, which was impacted by a very harsh winter, Westag & Getalit AG reported strong sales in March, which kept total first-quarter sales at the prior year level of EUR 50.2 million. At EUR 9.8 million, export sales were slightly lower than in the previous year (EUR 9.9 million). The export share stood at 19.4% in the first quarter (previous year: 19.7 %).
At EUR 2.1 million, first-quarter earnings before income tax were up by 16.3% on the previous year (EUR 1.8 million). With sales remaining almost stable, the increase in earnings was primarily attributable to cost-cutting initiatives. Net profit per share amounted to EUR 0.25 (previous year: EUR 0.22).
Following a moderate start to the new year, the market situation has improved recently. At this stage, it is impossible to say whether these are catch-up effects resulting from the snowy winter or the first signs of a recovery. Our projections therefore remain cautious. We believe that weaknesses in some of our export markets will be offset in other foreign markets as well as by our stable domestic business.
With regard to earnings, we currently see relatively strong upward pressure on the prices of many of our raw materials. While we will continue our efforts to improve our cost structure as effectively as possible, we will be unable to refrain from increasing the prices of our products. The fact that first-quarter earnings improved on the very poor first quarter of 2009 should not be overrated. The prior year quarter did not fully benefit from the cost-savings initiatives in 2009, which means that the recent increase in earnings cannot be extrapolated to the full year.
If the markets recover, we will be able to return to previous growth rates thanks to our broad product range, our state-of-the-art production facilities and our motivated workforce.
end of announcement euro adhoc
Further inquiry note:
Felix Huisgen
Tel.: +49 (0)5242 17 5350
E-Mail: huisgen@westag-getalit.de
Branche: Building materials
ISIN: DE0007775207
WKN: 777520
Index: Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / regulated dealing