Gelsenkirchen, Germany - Masterflex AG, a specialist polyurethane hose maker, has reported revenue down by 21.8 percent to Euro 18.7 million ($26.4 million) in its High-Tech Hose Systems business in the second quarter of 2009 (Q2), compared to the same period last year.
Revenue in the hose segment in Q2 stabilised at the level of the first quarter, Masterflex said, because of positive development in supply to sub-industries such as the aviation and food industry, as well as medical hose applications developing "promisingly." Earnings in hoses declined by 58.4 percent to Euro 1.8 million, compared to Q2 2008, because of lower revenue, the statement said.
Despite the tough market conditions, Masterflex is continuing to expand its core hose business. In April 2009 the company opened a sales office in Sweden, which it said has led to "interesting further contacts and initial transactions."
Consolidated overall revenue for the whole business declined by 19.7 percent year-on-year to Euro 36.6 million because of ongoing restructuring and the global economic crisis, Masterflex said. Earnings fell 68.8 percent to Euro 1.8 million. Masterflex's Medical Technology and Mobility units recorded "largely stable revenue development." Masterflex's Surface Technology recorded a "significant decline," the company added. (RD)