Mannheim, Germany-based Fuchs FUCHS PETROLUB AG last Friday reported an increase in its first half of fiscal 2013 profit, even as sales were essentially the same when compared to the same period last year. For the first half of 2013, the company's profit after tax increased 5.7 percent to EUR 107.6 million from EUR 101.8 million in the prior year. Earnings before interest and tax, or EBIT, rose 5.8 percent to EUR 153.8 million, from EUR 145.4 million in 2012.

At EUR 910.3 million, the Group recorded sales revenues for the first six months of 2013 at the previous year's level of EUR 910.0 million following an increase in the second quarter. The positive changes in total sales, price and product mix were neutralized by currency translation effects. Organic growth in sales revenues were 1.7 percent.

Geographically, in the six months, sales in Europe grew to EUR 547.2 million from EUR 541.0 million a year ago. Asia-Pacific, Africa region also achieved sales increase, while sales in North and South America declined from last year.

FUCHS PETROLUB expects business to develop in the second half of 2013 in line with the first six months of the year and confirms its target of achieving organic growth in sales revenues in the low single-digit
percentage range for the financial year. However, the development of currency exchange rates must be taken into account. In terms of earnings before interest and tax (EBIT), FUCHS also expects to record an increase for 2013, provided the overall economic situation does not change significantly..

Regarding capital expenditures, the FUCHS PETROLUB Group invested EUR 33.6 million (compared to EUR33.4 million) in long-term assets in the first six months of the current financial year. More than half of the investments were dedicated to the modernization and extension of the US production site in Chicago, as well as the new facilities which are currently under construction in China and Russia. All three of these projects shall be completed during the course of 2013.