LONDON (dpa-AFX) - Integra Group (INTE.L) Thursday released the Interim Management Statement as well as unaudited financial highlights for the three months ended 31st March 2012, stating that total sales during the first quarter of the calendar year 2012 increased 7.2 percent to US$140.20 million, compared with total sales of US$131.40 million reported for the corresponding period last year.
The company stated that adjuste4d EBITDA for the three month-period, however, declined sharply by 84.7 percent to US$1.70 million compared with adjusted EBITDA of US$%11.1 nillion reported for the first three months of 2011.
Felix Lubashevsky, Integra Group's President and Chief Executive Officer, commented: 'In the first quarter, we saw a material decline in our quarterly earnings due to two major factors; firstly, continued pressure on industry margins from rising costs coupled with lack of meaningful pricing power and secondly, significant one-time additional expenses associated with a still ongoing, complex long-term drilling projects launched in 2011. These additional expenses are estimated in the range of US$ 23-25 million in 1H 2012, of which over US$ 6 million was recognized in 1Q 2012. We have identified the nature of the incidents causing these additional expenses and are very focused on resolving the issue before the end of 2Q 2012.'
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