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IPTE: Q1 results 2009

IPTE NV, (Euronext Brussels: IPTE) posted sales of EUR 48.9 million in the first quarter of 2009 (Q1 2008: EUR 65.3 million). The operating profit of EUR 2.54 million in Q1 2008 turned into a EUR 0.49 million loss in Q1 2009. After taxes the group posted a net loss of EUR 1.34 million compared with a EUR 1.52 million profit in Q1 2008. The order book fell from EUR 78 million at end-2008 to EUR 70.5 million at the end of Q1 2008.

“During the first quarter of the year, sales fell, as expected, by a further 16% compared with Q4 2008. Further measures have been taken to reduce personnel costs to 2,014 full time equivalents compared with 2,395 FTE at the end of 2008.

The closure of the Slovak plant is complete. All assets have been transferred to the plant in Romania, which has now taken over all activities. Since Q2 2009 no further costs have been incurred in respect of our Slovak plant. In the first quarter these costs still amounted to EUR 200,000. In addition, the group also recorded in the first quarter a EUR 750,000 non-recurrent reorganization cost.”

Sales by the Automation division fell slightly from EUR 15.9 million in Q1 2008 to EUR 15.7 million in Q1 2009. The order book reduced from EUR 24.5 million at the end of Q4 2008 to EUR 19.3 million at the end of Q1 2009.

Sales by the Contract Manufacturing division fell from EUR 49.6 million in Q1 2008 to EUR 33.4 million in Q1 2009. The order book amounted to EUR 51.1 million at the end of Q1 2009 compared with EUR 53.5 million at the end of Q4 2008.

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