Agfa HealthCare reported second-quarter net sales of 356 million euros ($439.3 million U.S.), down 2.2% compared with the 364 million euros ($449.1 million U.S.) booked in the second quarter a year ago. Excluding currency effects, however, net sales would have climbed 0.3%.
For the quarter (end-June 30), the Mortsel, Belgium-based vendor had an operating profit of 53.7 million euros ($66.3 million U.S.), down from an operating profit of 71.4 million ($88.1 million U.S.) last year. Agfa attributed the profit reductions over the first six months of 2004 to lower sales, a tougher pricing environment, continuous adverse exchange-rate effects, and higher raw material prices.
In positive developments, Agfa said that the quarter marked a robust improvement over the first quarter, with a 20% gain in sales. The company said it's confident the upward trend will continue in upcoming quarters.
In other Agfa news, the firm has reached a definitive agreement to divest its consumer imaging business to a management group for 175.5 million euros ($216.5 million U.S.). The deal will allow Agfa to focus on its core growth markets of graphic systems and healthcare, which are rapidly going digital, said CEO Ludo Verhoeven. Agfa plans to conclude the transaction by November 1.
By AuntMinnie.com staff writers
August 19, 2004
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