ERJ staff report (DS)
Stockholm -- Hexpol, Europe's largest rubber compound supplier, said it saw strong growth in the final quarter of 2009 and reported a net profit for the year.
Although sales were down by 18 percent for the year at SEK 2608 million (Euro 264 million), the company controlled costs sufficiently to return a net profit, including exceptionals, of SEK 102 million and an operating profit of SEK 261 million, excluding exceptionals -- an operating margin of around 10 percent.
In the final three months of 2009 sales rose to SEK 703 million while operating profit stood at SEK 80 million, for a margin of 14 percent.
Georg Brunstam, President and CEO, said, "Our fourth-quarter earnings were strong and a major improvement compared with the corresponding quarter in 2008. We more than doubled our earnings per share and our operating profit amounted to 80 MSEK (54), up 48 per cent. We had a continuous improvement in sales, particularly to automotive customers, and yet again we coped with this volume increase in a flexible manner. As a result of continued efficiency in the handling of working capital, combined with our healthy earnings, cash flow remained very strong."
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Press release from Hexpol