COPENHAGEN, Aug 25 (Reuters) - Danish industrial group NKT Holding <NKT.CO> posted pretax profits above most analysts expectations on Monday and maintained its full-year outlook despite warning of a difficult market.
The maker of cables, pipelines and cleaning equipment reported second quarter pretax profits of 309 million Danish crowns ($61.58 million) compared to 308 million crowns in the same period last year and the mean estimate of 292 million in a Reuters survey.
But NKT warned of difficult market conditions ahead, and said 2008 earnings could be reduced by 50 million crowns if market conditions in the second half of 2008 deteriorate markedly.
'For NKT Cables, second quarter growth in revenue has not lived up to expectations, and the low voltage markets in Eastern Europe in particular are showing signs of slowdown and increasing competition,' the company said in its statement.
The firm maintained its outlook for pretax profit of 950 million crowns in 2008, excluding a 50 million crown charge for restructuring costs in its vacuum cleaner unit Nilfisk-Advance.
By 1005 GMT NKT shares traded down 0.7 percent at 298.5 crowns underperforming the benchmark Copenhagen index <.OMXC20>, which was 0.2 percent lower.
(Reporting by Rasmus Nord Jorgensen; editing by Elaine Hardcastle)
((rasmus.jorgensen@thomsonreuters.com; +45 33 96 96 49)
($1=5.018 Danish Crown) tf.TFN-Europe_newsdesk@thomsonreuters.com ms1 COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The maker of cables, pipelines and cleaning equipment reported second quarter pretax profits of 309 million Danish crowns ($61.58 million) compared to 308 million crowns in the same period last year and the mean estimate of 292 million in a Reuters survey.
But NKT warned of difficult market conditions ahead, and said 2008 earnings could be reduced by 50 million crowns if market conditions in the second half of 2008 deteriorate markedly.
'For NKT Cables, second quarter growth in revenue has not lived up to expectations, and the low voltage markets in Eastern Europe in particular are showing signs of slowdown and increasing competition,' the company said in its statement.
The firm maintained its outlook for pretax profit of 950 million crowns in 2008, excluding a 50 million crown charge for restructuring costs in its vacuum cleaner unit Nilfisk-Advance.
By 1005 GMT NKT shares traded down 0.7 percent at 298.5 crowns underperforming the benchmark Copenhagen index <.OMXC20>, which was 0.2 percent lower.
(Reporting by Rasmus Nord Jorgensen; editing by Elaine Hardcastle)
((rasmus.jorgensen@thomsonreuters.com; +45 33 96 96 49)
($1=5.018 Danish Crown) tf.TFN-Europe_newsdesk@thomsonreuters.com ms1 COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
