In the second quarter 2016 Hexagon Composites generated NOK 315.6 (413.9) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 37.0 (37.4) million. Operating profit (EBIT) was NOK 19.7 (23.2) million and profit/loss before tax came to NOK 18.4 (-11.7) million.
Operating results in the second quarter were impacted positively by a 20% 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 realized cost initiatives executed towards the end of 2015 are proving effective in countering the above volume reductions.
The first half year of 2016 provided an operating income of NOK 607.2 (815.5) million and had an operating profit before depreciation (EBITDA) of NOK 55.6 (90.2) million. The operating profit (EBIT) was NOK 22.9 (62.7) million and profit before tax was NOK 15.8 (41.6) million.
Key developments:
Other important events in the half-year reported previously
For more information:
Jon Erik Engeset, CEO, Hexagon Composites ASA
Telephone: +47 916 30 550 | jon.erik.engeset@hexagon.no
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | david.bandele@hexagon.no
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | solveig.saether@hexagon.no
About Hexagon Composites ASA
Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group is a leading global supplier of composite pressure cylinders and systems for storage and transportation of various gases.