Exel Oyj reports stronger preliminary profit and net sales in first half

Nordic Business Report, July 13, 2004

NORDIC BUSINESS REPORT-13 July 2004-Exel Oyj reports stronger preliminary profit and net sales in first half(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com

Finnish sports equipment and industrial applications manufacturer Exel Oyj issued on Tuesday (13 July) preliminary information on its results for the financial period January-June 2004, and said that its net sales and operating profit (EBIT) were stronger than earlier estimated.

According to preliminary information Exel's net sales for the first six months increased by 68% to some EUR43.7m, as compared to EUR26.0m in January-June 2003.

The strongest growth took place on the market for speciality carbon and fibre glass profiles, according to the company.

The preliminary operating profit (EBIT) during the first six months of the year increased by 243% to some EUR6.8m, against EUR2.0m in January-June 2003.

The operating profit (EBIT) had increased stronger than expected due to a strong increase in sales, a good utilization rate of capacity and more effective production and purchasing operations, the company said.

The operating profit (EBIT) already clearly exceeded that of the full year 2003, EUR5.3m, the company added.

Exel will publish its interim report for the second quarter of 2004 on 22 July 2004.

One euro (EUR) is worth approximately 0.7 British pounds (GBP).

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