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| Zumtobel makes solid start to year Austrian lighting equipment maker Zumtobel reported first quarter growth (May to July) of 1.8% after adjustment for foreign exchange translation effects. With the strong euro reducing nominal growth by 2%, revenues totalled EUR 316.7 million (2007/08: EUR 323.1 million). Thus, as expected, the negative currency translation effects – in particular resulting from the strong performance of the euro against the British Pound– added up to EUR 12.3 million in the reporting period. As a result, the development of earnings too was impacted not only by higher personnel expenses but also by foreign exchange factors. The company posted adjusted earnings before interest and taxes (EBIT) of EUR 28 million (2007/08: EUR 33.3 million). This equates to an EBIT margin of 8.8% or a drop of 150 basis points compared to the prior-year period. write your comments about the article :: © 2008 Construction News :: home page |