VIENNA—Austrian rubber engineering group Semperit A.G. Holding has reported higher earnings in the first half of 2018 despite a decline in revenue and amid operational restructuring.
In an Aug. 23 financial report, the Vienna-based company said earnings (EBITDA adjusted for negative one-off effects) increased by 45.3 percent year-on-year to $38 million in the first half of the year.
This is while total revenue fell 2.8 percent to $522 million during the period.
The business development, Semperit said, was characterized by continuous global growth dynamics and favorable economic conditions in the first half of 2018. However, "the escalating trade war between the U.S. and China, rising inflation and massive currency devaluations in some of the large emerging economies caused increasing uncertainties in the raw material and financial markets."
Commenting on the results, Semperit Chairman Martin Fuellenbach said the company had intensified its restructuring and transformation plans in the past months.
"A consolidated view on the industrial sector shows that the increasingly visible success of measures already taken confirms our course. Here, the most visible results are the already completed closings of plants in France and China as well as the currently ongoing shutdown and sales process at two more sites in Germany and Italy," Fuellenbach said.