In Europe, Q1 sales suffered from lower industrial product prices and a negative foreign exchange impact. Volumes remained steady during the period, a satisfactory performance given the lackluster economic environment still prevailing in most of the region’s markets.
In the Middle East & Greater Africa, volume growth momentum continued at a buoyant pace, except in territories affected by war, namely Iraq, Libya, Syria and Yemen. As a result, and excluding the positive impact from the change in the consolidation scope, sales remained flat overall in Q1.
The Americas, Asia-Pacific region continued its growth trajectory, with its Q1 sales performance up significantly over the prior-year period.
Outlook for 2016
As the year unfolds, operations management remains tricky in a persistently low-visibility environment, clouded by economic and geopolitical uncertainties, and extremely volatile foreign exchange rates. Raw material prices have stayed at historically low levels in the first half of the year.
Faced with these economic factors, Bel remains confident about its growth prospects owing to its strengthened operating excellence, the favorable geographical spread of its activities, the relevance of its products in its various markets, and the power of its brands.
This press release may contain forward-looking statements. Such trend and/or target information should in no way be regarded as earnings forecast data or performance indicators of any kind. This information is by nature subject to risks and uncertainties that may be beyond the Company’s control. A detailed description of these risks and uncertainties is provided in the Company’s Registration Document, available at (www.groupe-bel.com). More comprehensive information about the Bel Group can be found in the “Regulatory Information” section of the www.groupe-bel.comwebsite.
