BERLIN (dpa-AFX) - Fuchs Petrolub AG (FUPEF.PK), a lubricant producer, reported that its earnings after tax for the first-quarter 2016 increased 3.3 percent to 58.7 million euros from the prior year's 56.8 million euros, with earnings per ordinary and preference share improving to 0.42 euros from 0.41 euros in the previous year.
'We made a good start to 2016 and anticipate further increases in both sales revenues and earnings for the year. Our focus is on organic growth and further strengthening our market and competitive position worldwide. To this end we want to invest EUR 300 million in the expansion of existing facilities and the construction of new facilities until 2018,' said Stefan Fuchs, Chairman of the Executive Board at Fuchs Petrolub.
EBIT for the first-quarter rose by 4% or 3 million euros to 85 million euros from 82 million euros last year.
Sales revenues grew 12% year-over to 550 million euros. Sales revenues increased organically by 2% and externally by 13% as a result of the acquisitions made in 2015. In terms of currency developments, the tailwind observed in the previous year changed to a headwind (-3%).
The outlook for Fuchs Petrolub remains unchanged. The company anticipates acquisition-based and organic growth in sales revenues in the range of 7% to 11% for the financial year. In terms of EBIT, the Group is forecasting an increase between 3% and 7%. This forecast does not account for currency translation effects.
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