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KROMI Logistik AG records significant revenue growth in first quarter of 2010/2011
- Revenues in Q1 2010/2011 up 21.2% to EUR 8,148 thousand (previous year: EUR 6,721 thousand)
- Managing Board confident regarding remainder of fiscal year
KROMI Logistik AG significantly increased its consolidated revenues in the first quarter of fiscal year 2010/2011 (as of June 30). The company, which specializes in the end-to-end supply of tools for manufacturing companies recorded revenue growth of EUR 6,721 thousand to EUR 8,148 thousand (+21.2%). Business growth was positively impacted in particular by the recovery in the global economy, which was particularly perceptible for KROMI Logistik, and the engineering industry and the automotive supply sector enjoyed particularly positive growth.
As part of the revenue growth, the cost of materials also increased from EUR 4,638 thousand to EUR 5,894 thousand. Other operating expenses increased from EUR 787 thousand to EUR 1,174 thousand. Three factors depressed earnings: Participation in the "AMB" trade fair (International Trade Fair for Metalworking), which is held in Stuttgart every two years at the end of September/start of October 2010, also costs for continuing to set up the subsidiary in Brazil and implementing tool management at new customers. In total, this resulted in EBIT of EUR -159 thousand (previous year: EUR 27 thousand).
Earnings before taxes (EBT) thus totaled EUR -156 thousand compared to EUR 26 thousand in the previous year. Income taxes fell from EUR 26 thousand to EUR 1 thousand. The group's earnings after taxes totaled EUR -155 thousand, compared to EUR 0 thousand in the previous year.
"The crisis is finally behind us. We are happy with our revenue growth. This shows that things are looking up again in our target industries. And we are benefiting from this recovery," commented Uwe Pfeiffer, KROMI Logistik AG's CFO, on the business growth. "We have a positive view of the coming months, and are confident that we will be able to continue to successfully implement our growth plans in future." As a result, the Managing Board has thus confirmed its forecast of consolidated revenues increasing to EUR 37-38 million, with EBIT expected to increase to around EUR 1 million.
KROMI Logistik AG's full report on the first quarter of fiscal year 2010/2011 will be available for download during the course of today at www.kromi.de in the Investor Relations segment.
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