REUTLINGEN (dpa-AFX) - High tech equipment manufacturer Manz AG (MANZF.PK) reported Tuesday that its first-quarter earnings before interest and taxes or EBIT improved significantly to 3.5 million euros from previous year's 0.6 million euros. EBIT margin at 5.6 percent, up from previous year's 0.8 percent.
Earnings before interest, taxes, depreciation and amortization or EBITDA grew to 6.9 million euros from 5.1 million euros a year ago. EBITDA margin improved to 10.9 percent from previous year's 6.5 percent.
The company attributed the positive net results to efficiency improvements and cost savings.
Total revenues, meanwhile, fell to 61.6 million euros from prior year's 76.8 million euros. Revenues in the Energy Storage segment more than doubled to around 15 million euros.
The company noted that despite Covid-19, the key milestones of the currently ongoing projects were achieved as planned in the first quarter of 2020. Overall, all major business segments developed in line with the Management Board's full-year expectations.
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