Miba Sinter Group sees growth in first half results
September 4, 2013
Austria’s Miba Group has reported that consolidated revenue for the group during the first half of 2013–2014 (February 1 to July 31) amounted to €308.2 million, a reduction of 3.7% compared to the first half of 2012–2013. Group EBIT (earnings before interest and tax) amounted to €35.7 million, €0.9 million lower than the previous year.
In contrast to performance in other divisions, Miba’s Sinter Group reported growth of 4%, posting revenue of €114.5 million for the first half 2013. This performance, the report states, is mainly attributable to successful new orders for the Miba Sinter Group and the general trend in the automotive industry towards a higher proportion of sintered components in passenger vehicles. Miba also stated that the positive momentum from the automotive industry in the USA, where first half 2013 new vehicle registrations were up 7% year on year, and in China where passenger vehicle sales in the first half of the year were up 11% on the previous year, contributed to the performance of this segment.
Revenue for the first half of the year in the Miba Friction Group was only slightly down compared to the same period in the previous year, at €72.0 million, a reduction of 2.1%. Miba reported that friction material and brake lining sales markets showed slight signs of recovery during the second quarter, with global demand for agricultural machinery components as well as the truck market in India performing more positively than expected. The market for mining equipment, however, continues to be very weak and in some areas trading levels are 30 to 40% below those for the previous year.
The Miba Bearing Group reported that due to a downturn in the sales markets for Miba engine bearings, which lasted longer than expected, the division had recorded a 14.3% reduction in revenue for the first half of 2013–2014, at €89.9 million.
Revenue for the New Technologies Group, which comprises the power electronics components division as well as Miba’s special machinery, amounted to €25.1 million and was slightly above the previous year of €24.3 million. Sales markets for Miba power electronics components performed better in the second quarter than in the previous months, which is also reflected in the segment result.
In the first six months of the fiscal year Miba invested €25.6 million in the expansion of capacity and in measures to improve productivity at all sites. Miba reported that the work to expand the Chinese site, where Miba manufactures engine bearings and sintered components, was completed during the second quarter. Production will commence in the new halls in the next few months.
