STOCKHOLM, Sweden (May 6, 2009)—Custom compounder Hexpol A.B. reported revenues were down by 24 percent in the three months to March 2009, and posted an operating loss, when restructuring costs were taken into account.
The company said sales amounted to $81.9 million, down from $107.7 for the same period in 2008. Operating profits were negative, at $6.6 million, compared with an operating profit of $10.5 million a year ago.
Hexpol President Georg Brunstam said the first quarter was extremely challenging, with a sharp decline in demand, but the company continues to adapt costs to new market conditions.
The AGM of shareholders also confirmed the board members and agreed a pay structure based on base salary and performance-related bonuses.