Electronics Production | April 28, 2011

Kitron: Profitability recovering

Kitron's revenue amounted to NOK 429.8 million in the first quarter of 2011, a 4.5% increase compared with the same period last year.
EBIT was positive by NOK 11.1 million (NOK 5.9 million). The profit before tax and discontinued operations was NOK 5.2 million (NOK 3.3 million in Q1 2010). Cash flow from operations was negative by NOK 38.3 million (negative NOK 31.7 million). The order intake was NOK 410.2 million and the order backlog was NOK 817.1 million, an increase of 0.9% and 4.3% respectively.

Figures in brackets refer to the first quarter of 2010 unless otherwise stated.

Order development stable

The order intake increased by 0.9% to NOK 410.2 million (NOK 406.7 million). The order backlog at the end of the first quarter was NOK 817.1 million (NOK 783.5 million), 4.3% higher than last year.

Activity level increasing

Revenue increased by 4.5% to NOK 429.8 million (NOK 411.1 million) amid the difficult component situation.

Operating profit improving

EBITDA and EBIT were positive by NOK 18.8 million (NOK 13.4 million) and NOK 11.1 million (NOK 5.9 million profit) respectively due to higher revenue and improved performance in the Swedish operation.

Profit before tax and discontinued operations

The profit before tax and discontinued operations amounted to NOK 5.2 million (NOK 3.0 million).

Build up of working capital

Cash flow from operations in the first quarter was negative by NOK 38.3 million (negative NOK 31.7 million) due to build up of working capital.
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