MANNHEIM (dpa-AFX) - The lubricant manufacturer Fuchs has started the new year with an increase in profits. "This increase in earnings was achieved despite sales being six percent down on the previous year due to price and exchange rate effects," said company CEO Stefan Fuchs in a statement on Tuesday. All three regions of the world reported an increase in earnings. The geopolitical situation remains unclear. The flare-up of the conflict between Israel and Iran and the uncertain progress of the war in the region further increased uncertainty regarding economic development and the development of commodity prices.

In the first three months, the operating profit (EBIT) increased by four percent year-on-year to 107 million euros, as the MDax company in Mannheim also announced. Sales shrank by six percent to 877 million euros due to lower prices and negative currency effects. Turnover was less than analysts had expected, but Fuchs met expectations in terms of operating profit. On balance, profit after tax rose by five percent to 77 million euros. The lubricant manufacturer confirmed its targets for the year as a whole./mne/stk