MAINTAL (dpa-AFX) - Fastening technology specialist Norma Group started the year with a drop in profits due to higher costs. Adjusted earnings before interest and taxes (EBIT) fell by around a quarter year-on-year to 22.6 million euros in the first quarter, the SDax-listed company announced in Maintal on Tuesday. The company attributed this primarily to higher wage costs and additional expenses for extra shifts, temporary workers and special freight in order to process and deliver backlogged customer orders.

Sales climbed by three and a half percent to 315 million euros, mainly thanks to higher selling prices. The company grew by just over two percent under its own steam. The bottom line was a profit of 7.8 million euros, compared to 16.7 million euros in the previous year. The Group confirmed its targets for the year. To make the company more profitable, Norma Group launched an efficiency and growth program./mne/zb