BERLIN (dpa-AFX) - German lubricants maker Fuchs Petrolub AG (FUPEF.PK) reported Friday that its first-half earnings after tax declined 2 percent to 105 million euros from last year's 108 million euros.
Due to the share buyback program, earnings per share remained at the previous year's level of 0.75 euro per ordinary share and 0.76 euro per preference share.
At 151 million euros, earnings before interest and tax or EBIT fell 1.7 percent from the previous year.
Sales revenues increased 1 percent to 919.3 million euros from 910.3 million euros last year, despite negative currency translation effects. Organic growth in sales revenues was just under 5 percent.
Looking ahead, FUCHS said it remains committed to its forecast of organic growth in the low single-digit range for the financial year 2014 and for the second half of the year
As regards the EBIT and earnings after tax, the company has become more cautious, due to the severe loss in value of a number of currencies important to FUCHS and expects last year's very good results to be repeated in 2014. The company previously expected a slight increase in earnings.
FUCHS continues to expect a cash flow for 2014 in the three-digit million range.
Copyright RTT News/dpa-AFX