Gelsenkirchen, Germany - Masterflex AG, a specialist polyurethane hose manufacturer, has reported revenue down 23 percent to Euro 27 521 million ($40 866 million) in its Hi-Tech Hose Systems business in the third quarter of 2009 (Q3) from Euro 35 842 million in the same period last year.
The Germany-based company said that revenues stabilised at the levels of previous quarters in 2009 but remains lower than the previous year. Earnings were also down, falling to Euro 2959 in Q3 from Euro 8286 in Q3 2008, a 5 Nov company statement said.
Masterflex said that the "systematic disposal" of non-core activities that do not offer synergies with the group's core High-Tech Hose Systems business unit, strict cost management and positive cash flows made important contributions towards reducing the the company's debt.
Total company sales were down 20.2 percent to Euro 53 988 million. Masterflex said it is now ahead of it targets for both operating earnings and earnings for the whole group.
The company also revealed that it has signed an agreement, after the reporting period had ended, to sell its Angiokard Medizintechnik GmbH & Co. KG business. This will result in a "significant reduction in the group's net debt," Masterflex said. (RD)