BILLINGSTAD, NORWAY – Kitron reported second quarter revenue of NOK 489 million (US$60 million), up 7% year-over-year.

The electronics manufacturer’s net profit was NOK 13.3 million for the quarter, an increase of 241% compared to the same period in 2014.

Operating profit was NOK 22.1 million, up 220.3% year-over-year.

This was the fifth consecutive quarter of improved profits, as a result of growing revenue and better margins, the firm says.

"Important orders, particularly within the Defense and Aerospace sector, give cause for optimism," said CEO Peter Nilsson.

Revenue in Defense/Aerospace increased 56% from the second quarter last year. Energy/Telecom and Industry also grew, while Medical equipment declined slightly.

Total order backlog during the quarter was NOK 830 million, compared to NOK 859 million at the same time last year.

For 2015, Kitron expects growth and a clear improvement in profitability, driven by increased demand in the Defense sector for US and Norwegian markets.

Ed: NOK 1 = US$0.1228