Kitron: Q1 2016 - Continued growth, solid order backlog

Kitron's revenue in the first quarter amounted to NOK 497 million (EUR 53.69 million), an increase from NOK 471 million (EUR 509.2 million) in the first quarter last year. Operating profit (EBIT) was NOK 20.5 million (EUR 2.2 million), compared NOK 20.8 million (EUR 2.24 million) last year, with one-offs masking an underlying improvement. Net profit amounted to NOK 10.0 million (EUR 10.8 million), a decrease from NOK 13.6 million (EUR 1.47 million). Peter Nilsson, Kitron's CEO, comments: "We continue to grow our sales, and our order book is solid. Orders from the Industry market sector were particularly strong, and we also continue to secure key defence orders. While one-off effects and change in net finance cause a decrease in profit, the underlying positive trend towards stronger margins and profits remains intact." Kitron's revenue in the first quarter was 6% higher than last year. The Industry market sector performed particularly well, with a revenue growth of 35%. As in preceding quarters, revenue within Offshore/Marine continues to fall due to the general downturn in the oil service market, the company states in its Q1 report.