Hexagon Composites reports fall in Q1 results

Hexagon Composites has reported NOK 291.6 million of operating income for Q1 2016, compared to NOK 401.6 million in the first quarter of 2015.

Operating profit (EBIT) was NOK 3.2 million, a decrease from was NOK 39.5 million in the previous year.

According to the company, operating results in the first quarter were impacted positively by a 17% growth in revenues within the company’s low-pressure cylinders segment versus the same period last year. However, weak sales volumes for mobile pipeline solutions has hampered overall profitability for the group, within the high-pressure cylinders segment. The cost initiatives executed in 2015 are being realized in 2016.

This story is reprinted from material from Hexagon Composites, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.