Fuchs Petrolub AG announced last week that it had net income of Euro 30.9 million in 2003, an increase of 28 percent over 2002.
The Mannheim, Germany, blender – the worlds largest independent lubricant supplier – said 2003 was its most profitable year ever despite being a down year for the industry as a whole. According to the companys estimates, worldwide lubricant demand dropped 0.9 percent last year.
In a preliminary announcement of its financial performance, Fuchs said Thursday that sales revenue dropped 2.2 percent in 2003 to Euro 1.04 billion (U.S. $1.26 billion), mostly due to the appreciation of the euro against foreign currencies. Discounting the effects of currency exchange, revenue would have risen 4.2 percent.
The company now employs 4,220 people, including 1,103 in Germany.
Management added that the trends are continuing in 2004, with currency translation erasing what would otherwise have amounted to a 1.4 percent increase in revenue through the first two months of this year. The company expects economic conditions to improve this year and therefore sees good chances of further increasing its earnings, while revenues will remain affected by ongoing exchange-rate developments.