Alno Shares Soar on First Profit Since 2005: Frankfurt MoverAngela Cullen
Alno AG rose the most in 11 weeks in Frankfurt trading after the German supplier of built-in kitchens reported its first annual operating profit since 2005 in a preliminary earnings statement today.
Alno, based in Pfullendorf, climbed as much as 9.8 percent, and traded up 8.1 percent at 1.18 euros as of 9:11 a.m. Volume exceeded the three-month daily average after just 11 minutes of trade. Earnings before interest and tax came in at 1.1 million euros ($1.5 million) compared with a 10.7 million-euro loss the year earlier even as sales slipped 1.5 percent.
Alno, which employs about 1,800 people, gets more than one-quarter of its sales outside Germany. The company is sacrificing sales in a bid to boost the quality of its earnings, a strategy it intends to “pursue unwaveringly” this year, Max Mueller, Alno’s chief executive officer, said in today’s statement.