AMG Advanced Metallurgical Group N.V. (AMVMF.PK) posted first quarter net profit attributable to shareholders of $3.5 million or $0.13 per share, lower than $6.97 million or $0.25 per share last year.
Adjusted earnings per share dropped to $0.26 from $0.35 in the same quarter a year ago.
Revenue grew to $323.98 million from $318 million in the prior-year quarter.
Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "Business was challenging in the first quarter 2012. Demand improved in a number of Advanced Materials products but that was not enough to offset increased costs in mine-based businesses, resulting in a decline in EBITDA. Engineering Systems' order intake was encouraging; however, pricing pressure and changes in product mix resulted in an unsatisfactory performance..."
Moving ahead, despite global uncertainties, AMG targets an increase in revenue and EBITDA in 2012.
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by RTT Staff Writer
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