Fuchs Half Year figures indicate Euro recovery
The world's largest independent lubricants producer, Fuchs Petrolub, revealed first half figures that show signs of global recovery.
With sales revenues of €700m ($970m) for the first half of 2010, a 23% increase on the same period last year, the German-based company revealed a buoyant start to the year. More importantly, this takes the company back to just 2.5% below pre-global recession levels.
While there is are clear signs of recovery within Europe itself, Fuchs has benefitted particularly from Asia-Pacific markets as well as the African and American continents, with all three regions "significantly exceeding" figures from the last two years according to the company.
Gross profit was also raised by 35.2% to just under €280m ($388m) with EBIT boosted by nearly 86% year on year.
Capital expenditure was focused on India, South Africa and Germany, the latter including construction of new R&D and sales centres at Fuchs' headquarters.
While positive about the figures, the company warned that increasing raw material costs are likely to dampen results for the second half of they year, but they will continue to drive towards record EBIT if conditions allow.
