Fuchs Petrolub AG on Friday reported that its profit for the first quarter of 2005 increased 42.4 percent from the same period of 2004, an improvement attributed to increased sales, cost cutting and a new accounting practice.
The worlds largest independent lubricant producer, Fuchs recorded 275 million (U.S. $348 million) in sales revenue for the three months ended March 31, up 3 percent from the first three months of 2004. Internal growth – mostly in the Americas – accounted for a 2.6 percent gain, while external growth, primarily the acquisition of Ovoline, contributed 1.4 percent. Fluctuations in currency exchange rates reduced revenues by 1 percent.
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