BILLINGSTAD, NORWAY – Kitron reported third quarter revenue of NOK 463 million (US$56.1 million), down 1.1% year-over-year.

Net profit was NOK 17.7 million, down 22.4% compared to the same period in 2015.

Operating profit (EBIT) was NOK 30.1 million, up 14.4% year-over-year.

"We had some issues on the top line this quarter, due to postponements into the coming quarters,” said Peter Nilsson, Kitron's CEO. “However, our work on operational improvements progressed well, resulting in a positive development of operating profit and cash flow. This, combined with a strong order backlog, gives me confidence in the coming quarters."

The order backlog ended at NOK 980 million, an increase of 7% compared to last year.

For 2016, Kitron’s previous forecast was between NOK 2.05 and 2.25 billion. Due to currency effects and postponed projects, revenue is now expected in the lower half of the indicated range.

Ed.: NOK 1 = US$0.1211