DORTMUND (dpa-AFX) - The electrolysis specialist Thyssenkrupp Nucera has once again grown strongly at the start of the financial year. The company continued to benefit from the ramp-up of its hydrogen business and the realization of a related major order in Saudi Arabia. Sales rose by more than a third to 208.3 million euros in the first quarter (to the end of December), as the subsidiary of industrial group Thyssenkrupp announced in Dortmund on Tuesday. However, the costs for the expansion of the hydrogen business are weighing on profitability. Thyssenkrupp Nucera recorded a loss before interest and taxes (EBIT) of 0.9 million euros - after a profit of 11 million euros a year ago. Both sales and EBIT were better than expected by analysts.

Thanks to a higher financial result due to increased interest income, Thyssenkrupp Nucera was still in the black. The net result amounted to 2.8 million euros. A year ago, the company had achieved 8.5 million euros.

The electrolysis specialist confirmed its forecast for the year and expects sales growth in the mid double-digit percentage range. Thyssenkrupp Nucera continues to expect an operating loss (EBIT) in the mid double-digit million euro range./nas/mis