Two European lubricant suppliers reported sizable improvements in their first quarter financial performance. Germanys Fuchs Petrolub AG said its net income for the three months ended March 31 was 51 percent higher than in the same period of 2003. Orapi, a French manufacturer of machine maintenance products, said its sales were up 27 percent.
Fuchs, which is based in Mannheim, Germany, said May 14 that it turned a profit of Euro 9.2 million in the first quarter, compared with a profit of Euro 6.1 million in the same period of last year. Sales rose 1.3 percent to Euro 266.9 million, drug down by unfavorable exchange rates. Management said the companys Asian and Australian subsidiaries grew fastest, although there was also considerable growth in Europe and the Americas.