Agfa print wing reports strong results

19 November 2004

Agfa's Graphic Systems division reported a 5% increase in sales for the third quarter, and is optimistic that conditions will be buoyant for the rest of the year.

The division posted revenues of 285m (406m) in the three months to 30 September, it put the improvement down to a "considerable improvement of the trading environment" compared to Q2.

The incorporation on 1 September of Italian plate manufacturer Lastra, which Agfa-Gevaert bought for 100m in August, also contributed to the rise in sales.

But profits for the section slipped due to "price erosion and raw material prices". Operating profits in Graphic Systems fell by 2.4% to 16.0m for the quarter, compared.

Agfa as a whole posted a 8.7% decrease in sales to 669.1m, with gross profits dropping 16% to 261m. The company said that excluding the effects of the divestiture of its non-destructive testing division, and currency fluctuations, the real sales decline was 2.7%.

Story by Josh Brooks

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