Exel Composites Oyj announced consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, revenue was EUR 19,720,000 against EUR 21,352,000 a year ago. Operating profit was EUR 1,147,000 against EUR 1,348,000 a year ago. Adjusted operating profit was EUR 1,167,000 against EUR 1,540,000 a year ago. Profit for the period was EUR 882,000 against EUR 800,000 a year ago. Net cash flow was EUR 342,000 against EUR 1,671,000 a year ago. Earnings per share were EUR 0.07 against EUR 0.07 a year ago. Profit before tax was EUR 1,178,000 against EUR 1,161,000 a year ago.

For the six months, revenue was EUR 37,639,000 against EUR 42,847,000 a year ago. Operating profit was EUR 1,293,000 against EUR 3,340,000 a year ago. Adjusted operating profit was EUR 1,316,000 against EUR 3,581,000 a year ago. Profit for the period was EUR 800,000 against EUR 2,358,000 a year ago. Negative net cash flow was EUR 342,000 against net cash flow of EUR 2,359,000 a year ago. Earnings per share were EUR 0.07 against EUR 0.20 a year ago. Return on equity was 6.0% against 15.6% a year ago. Profit before tax was EUR 1,319,000 against EUR 3,224,000 a year ago. Net cash used in operating activities was EUR 520,000 against net cash flow from operating activities of EUR 2,359,000 a year ago. Purchases of non-current assets were EUR 1,399,000 against EUR 1,840,000 a year ago.

The company continues to implement its new strategy with focus on operational efficiency and optimizing the global manufacturing footprint. The company estimates that adjusted operating profit (previously: operating profit excluding any non-recurring items) will decrease in 2016 compared to 2015.