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.
by RTT Staff Writer
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