BILLINGSTAD, NORWAY -- Kitron ASA today reported its fourth consecutive quarter of improved profits, citing a combination of growing revenue and cost initiatives.

For the period ended March 31, revenue rose to NOK 471 million ($59.8 million), up 8% from the first quarter of 2014, on higer defense orders, partially offset by lower offshore/marine demand. Operating profit (EBIT) was NOK 20.8 million, up 940% year-over-year, due primarily to a combination of increased revenue and cost reduction initiatives implemented during 2014.

Currency effects accounted for half the revenue gains.

The EMS company swung to a net profit of NOK 13.6 million from a loss of 1.7 million a year ago, on improved operating profit and currency effects.

Orders rose 13% in the quarter, and backlogs improved 21% to NOK 855 million.

Kitron CEO Peter Nilsson said: "In the first quarter we continued to build on the turnaround that was starting to show results towards the end of 2014. Cost initiatives have taken effect, revenue is growing, and important orders during the quarter contribute to a solid order backlog. We are clearly on a path leading to improved profitability."

1 NOK = 0.126856 USD