German construction and machinery manufacturer Bauer AG (BRAGF.PK) posted a net loss for the first quarter of 9.6 million euros or 0.54 euros per share. This compares with last year's net loss of 4.7 million euros or 0.26 euros per share.
EBIT or earnings before interest and taxes fell to 2.3 million euros from last year's 6.4 million euros.
For the first quarter, total revenues slid 2.6 percent to 331.2 million euros from 340 million euros for the same quarter of last year. Segmentwise, revenues for construction declined about 2 percent, while Equipment revenues grew 8.5 percent. Resources revenues in the quarter fell more than 30 percent.
The group said the results were hampered by delayed starts to some major projects, bad weather, and the usual seasonal effect of low machinery orders at the start of the year.
Looking ahead, Bauer AG said it is confident to meet the full-year forecast it made in April 2013, predicting total Group revenues of over 1.5 billion euros and profit after tax of above 30 million euros, equating to EBIT of about 85 million euros.
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