Gelsenkirchen, Germany - Specialist polyurethane hose maker Masterflex AG notes that the economic crisis intensified in the first quarter of 2009 and left its mark on the company's business development.
Consolidated revenue decreased by 14.5 percent to Euro 18 583 compared to the figure for Q1 2008. Masterflex's consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q1 were positive, totalling Euro 0.9 million. Consolidated earnings before interest and taxes (EBIT) totalled Euro 50 000.
In its Q1 results statement, the company said that early in 2009, as a result of a decline in demand in segments of its core High-Tech Hose Systems business, a few group companies applied for reduced working hours, in order to avoid redundancies of qualified employees as far as possible.
Masterflex, headquartered in Gelsenkirchen, Germany, said it has carefully examined all cost structures to reduce the effects of the crisis as far as possible.
Also, the group's board said it sees "good opportunities for Masterflex AG to resume its success thanks to its innovative product portfolio and the measures introduced." The company added that, despite further restructuring costs, the board is "expecting positive consolidated earnings" (EBIT) as a result of the cost adjustments introduced.