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Q2 operating income at Hexagon Composites slips 23.7%

22 Aug '16

1 min read

Operating income in the three months ended June 30, 2016 at Norway headquartered composites maker, Hexagon Composites slipped 23.7 per cent year on year to NOK 315.6 million.

Operating profit before depreciation or EBITDA also fell marginally at NOK 37.0 million in the second quarter of 2016 as against NOK 37.4 million in the same quarter of 2015.

In the reporting quarter, operating profit or EBIT totaled NOK 19.7 million, down from NOK 23.2 million, while profit before tax reached NOK 18.4 million compared to a loss of 11.7 million in the prior year's second quarter.

According to Hexagon, operating results in the second quarter were impacted positively by a 20 per cent growth in revenues within the low-pressure cylinders segment versus the same period last year.

“However weak sales volumes within high-pressure cylinders continue to hamper overall profitability for the group,” the company added.

“The realised cost initiatives executed towards the end of 2015 are proving effective in countering the above volume reductions,” it informed. (AR)

Fibre2Fashion News Desk – India