Phoenix A.G. expects improved 2001 financial results

HAMBURG, Germany (May 3)—Following a better-than-expected first quarter, German rubber processor Phoenix A.G. expects to end the current year with substantially higher earnings than in 2000. Revenues through March 2001 were up 23.4 percent to $253 million, and earnings (before interest and tax) came to $ 9 million. This represents a rise of 13.3 percent over last year, which Phoenix said reflects cost efficiencies from its restructuring plan. The improved returns are due to consolidation, added to by positive impact from the company's restructuring plan, the Hamburg-headquartered firm said in its results statement.