Vacon (VCNYF.PK) reported that its first-quarter profit before taxes decreased to 6.0 million euros from 6.2 million euros in the same quarter last year. Earnings per share for the quarter declined to 0.25 euros from last year's 0.29 euros.
Revenues for the quarter totalled 91.3 million euros, a growth of 8.5 % from the corresponding period in the previous year's 84.2 million euros.
The company said that there were no signs of growth in the AC drive market in the first-quarter. But it expects the market to pick up towards the end of the year. The company still estimates that the global AC drive market will grow much faster than average growth in industrial production, at an estimated rate of 5-10 % in 2013.
The company said it has retained the market guidelines it published earlier and estimates that its revenues will increase 5% - 15% and that its operating profit percentage excluding one-time items will be 10% - 12% in 2013.
The company said its goal is to achieve revenues of 500 million euros in 2014. Its profitability target for 2014 is an operating profit of 14%, and for return on equity the target is more than 30%.
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by RTT Staff Writer
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