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© homiel-dreamstime.com Electronics Production | July 23, 2014

Tough times for Kitron - despite strong order intake

Kitron's revenues and order backlog grew in the second quarter, but profitability is still challenging. Something that has led to Kitron downsizing the Arendal operations.
Kitron's revenues amounted to NOK 457 million, compared to NOK 430 million in the second quarter of 2013. EBIT was reduced from NOK 9.3 million to NOK 6.9 million. Net profit amounted to NOK 3.9 million, a reduction from NOK 7.8 million. Operating cash flow was NOK 9.5 million, compared to NOK 30.3 million during the second quarter last year.

Order intake in the quarter was NOK 603 million, which is 44 per cent higher than for the second quarter 2013. The order backlog ended at NOK 859 million, which is 15 per cent higher than at the same time last year.

Arendal downsizing

The current plans imply a reduction of 85 in the number of employees during 2014. At the end of June, 40 of these have already left the company. The main focus in the third quarter will be to ensure that the effects of the initiated actions are fully realized and to initiate further actions to improve profitability.

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NOK 1 = EUR 0.11925 (Oanda 2014-07-22)

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