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© stevanovicigor dreamstime.com Electronics Production | February 11, 2015

Kitron's initiatives yield improved profitability

Kitron ASA has reported improved profitability for the fourth quarter 2014, demonstrating that its cost initiatives are yielding results.
Kitron's revenues amounted to EUR 55.4 million, unchanged from the fourth quarter of 2013. Operating profit (EBIT) was EUR 1.6 million, compared to EUR 501'116 last year. In the fourth quarter, one-off costs of EUR 804'117 were booked, compared to one-off costs of EUR 1 million in the fourth quarter of 2013.

Net profit amounted to EUR 2 million, an improvement from minus EUR 466'155, influenced by both improved operating profit and currency effects on net financial items. Operating cash flow was EUR 1.5 million, compared to EUR 6 million in the fourth quarter of 2013.

The order backlog was EUR 101.1 million, an increase of 21 per cent compared to the same time last year.

"While we certainly have more to do, this quarter clearly shows that we are moving in the right direction. Cost initiatives are starting to take effect, and in the fourth quarter all of our business units were profitable. There was also encouraging news on the sales side, and a strong order backlog gives us a good start in 2015," said CEO Peter Nilsson.

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