GELSENKIRCHEN, Germany (May 12, 2010)—After what it calls "two very difficult financial years," the specialist Polyurethane hose maker Masterflex A.G. said it has made a promising start to 2010.
The company said its operating income rose 49 percent to $1.9 million in the first quarter, although sales slipped 0.1 percent to $18.7 million. The firm said it has seen the benefit of the extensive measures taken over previous two years, with its core High-Tech Hose Systems business developing positively.
Hose sales increased by 13.1 percent compared with first quarter of 2009. Masterflex said it is optimistic that recovery in the hose business is sustainable, especially since its marketing and sales activities have been reinforced.