First Quarter 2008 Hexagon Composites ASA
HEXAGON COMPOSITES ASA -THE BOARD OF DIRECTORS' REPORT Q1 2008
Important events in the Hexagon Composites Group since the previous interim report:
- Ragasco's renewal of their supply agreement with BP International Ltd. Forward to 2010.
- There has been a large amount of interest shown by the market for the new TITAN(TM) tank for the bulk transport of natural gas.
- UAB AMT Baltija the 100 % owned, Lithuanian daughter-company of Devold AMT delivered a positive quarterly result for the first time.
Hexagon Composites ASA reported an operating profit of 9.4 MNOK (-1.3) in the first quarter 2008. Ragasco delivered an operating profit of 9.7 MNOK (2.3). In the high-pressure container business unit (Lincoln/Raufoss) a satisfactory result was reported by Lincoln Composites whilst Raufoss Fuel Systems, as expected, reported a negative result because of the continuing weakness of the European, natural-gas bus market. The high-pressure business area achieved a combined operating profit of -0.7 MNOK (1.3). The composite reinforcement business unit (Devold AMT) reported an operating profit of 3.0 MNOK (-1.2).