Electronics Production | August 06, 2008
Incap reports revenue increase of 29% in H1/08
Revenue for the first half of the year was €46.7 million (H1/07: €36.1 million) or 29% higher than during the comparable period in 2007.
In addition to an upswing in the demand for some established products, revenue was increased by several new products entering actual serial production. The figures for the comparable period include the operations in India as from June 1, 2007. Operating profit, €1.9 million negative, was weaker than during the comparable period in 2007 (€1.1 million negative) and as a percentage of revenue it was 4.1% negative (3.2% negative). Sales margin was lower than expected, because the production was focused on material-intensive products and several new products were launched simultaneously to volume production. The revenue development in India was slower than expected and therefore, the fixed costs were high compared to revenue and the operations were not yet profitable. The increase in material prices could not yet be transferred to customer prices. Approximately €1.9 million of revenue came from the low-margin sale of materials. The operating profit includes approx. €0.5 million of non-recurring costs connected with the development of the organisation and Group structure. During the comparable period the non-recurring costs amounted to €0.6 million. Net profit for the report period amounted to €2.7 million negative (€1.5 million negative). Net profit was particularly affected by an increase in financing expenses.
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