Agfa-Gevaert reports profit decline despite sales growth
The Belgian group Agfa-Gevaer increased its group turnover in the first quarter of 2006 by 8.1 percent compared to the same period last year. Net profit fell by 31 percent.
The Belgian group Agfa-Gevaer increased its group turnover in the first quarter of 2006 by 8.1 percent compared to the same period last year. Turnover thus amounted to 810 million euros, compared to 749 million euros in the same quarter of the previous year. EBIT increased by 31.7 percent from 41 million euros in the first quarter of 2005 to 54 million euros. The EBIT margin rose to 6.7 percent compared to 5.5 percent in the previous year. However, Agfa's net profit decreased: it amounted to 20 million Euros or 16 Euro-cents per share, compared to 29 million Euros or 23 Euro-cents per share in the first quarter of 2005. The financial result amounted to -16 million Euros, compared to +20 million Euros in the first quarter of 2005, which was positively impacted by significant one-off effects, according to Agfa. On a comparable basis, Graphics increased its turnover by 9.3 percent. HealthCare's turnover increased by 6.2 percent compared to the first quarter of 2005, due to the good result of the business group's IT activities, positive currency effects and the activities of Heartlab, which was acquired some time ago. In the Specialty Products division, sales rose by 10.7 percent to EUR 62 million on a comparable basis compared to the first quarter of 2005.
