German silicon wafer maker Siltronic AG, which began trading on the Frankfurt stock exchange in June, said second-quarter earnings rose 11 percent on lower costs and a weaker euro.
Earnings before interest, taxes, depreciation and amortization were 31.4 million euros ($34.4 million) in the three months through June, the Munich-based company said in a statement on Friday. Sales increased 17 percent to 246.7 million euros.
“Siltronic made great efforts in reducing costs and increasing productivity which had a positive influence on earnings,” the company said. Chief Executive Officer Christoph Von Plotho has consolidated production sites to ensure factories run at higher capacity, which also had a positive impact, it said.
The third-largest maker of hyper-pure silicon wafers sees “considerable” sales growth this year, the company said. The net loss narrowed to 7 million euros from 14.1 million euros the previous quarter.
Wacker Chemie AG, which still holds a majority stake, sold shares in Siltronic in an initial public offering in June. Siltronic shares fell 0.6 percent to 32.62 euros as of 9:04 a.m. in Frankfurt trading. The stock has gained 8.7 percent since its IPO for a market value of 977 million euros.