BERLIN (dpa-AFX) - Fuchs Petrolub AG (FUPEF.PK), engaged in the lubricant business, reported that its preliminary earnings after tax for the financial year 2018 increased to 288 million euros from last year's 269 million euros, reflecting a lower tax burden. Earnings per preference share amounted to 2.07 euros, up from 1.94 euros last year.
Group earnings before interest and tax or EBIT increased to 383 million euros from 373 million euros in the prior year, and includes a one-off effect of EUR 12 million from the sale of an at equity share.
Group sales revenues for the year increased 4% to 2.57 billion euros from 2.47 billion euros a year ago. Currency effects had a negative effect of 3 percent on growth in sales revenues.
Looking ahead to fiscal 2019, Fuchs said it is expecting further growth in sales revenues and an EBIT below the comparable previous year's figure.
The company noted that the one-off income of 2018 cannot be repeated and the high investments in plants, IT, R&D and employees which will continue in 2019 will lead to higher costs increases rather than increases in earnings.
Subject to a resolution of the Supervisory Board on March 19, 2019, the Executive Board of Fuchs Petrolub SE intends to propose a dividend of 0.95 euros per preference share and 0.94 euros per ordinary share for the financial year 2018 to the Annual General Meeting, which will be held on May 7, 2019. This equates to a 4% increase.
The company said it will publish the final figures for the 2018 financial year and the outlook for 2019 on March 20, 2019.
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