FLSmidth & Co. A/S (FLIDF.PK), a provider of equipment and services to the cement and minerals industries, Friday reported a decline in EBIT and profit for the first quarter in spite of increase in revenue.
For the three-month period, the group reported EBIT of DKK 166 million, a 51 percent decrease from DKK 341 million during the corresponding quarter last year. EBITA decreased 38 percent to DKK 254 million from DKK 408m reported during the same period previous year.
Profit after tax for the period declined 86 percent to DKK 34 million from DKK 241 million recorded last year.
Revenue generated for the period increased 17 percent to DKK 5,651 million from prior year's DKK 4,829 million. Order intake declined 22 percent from the previous year, and order backlog decreased 3 percent.
The company said that the guidance for 2013 is maintained, however skewed towards the lower end due to increased customer hesitation, market uncertainty and a certain lack of efficiency. FLSmidth continues to expect consolidated revenue of DKK 27-30 billion and an EBITA margin of 8-10 percent for the full-year 2013.
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