DORTMUND (dpa-AFX) - The electrolysis specialist Thyssenkrupp Nucera continued its growth course in the second quarter (ending March). Sales rose by eleven percent to 168 million euros, as the company announced in Dortmund on Wednesday. In terms of new business, however, the company, which is part of the Thyssenkrupp industrial group, felt the effects of an increasing reluctance to invest in the hydrogen business. Thyssenkrupp Nucera explained that many potential customers were increasingly delaying their final investment decisions.

"We are currently observing a discrepancy in Europe and North America between originally planned projects and final investment decisions on the necessary electrolysis capacities," commented Christoph Noeres, head of the division. Many investors were also waiting to see how regulatory requirements would be structured.

In the second quarter, incoming orders therefore fell by 42% to EUR 75.3 million, with the hydrogen business alone contributing to this with a drop in new business of 86%. Investments in the expansion of water electrolysis resulted in a loss before interest and taxes (EBIT) of 10.6 million euros in the quarter, compared to a profit of 2.3 million euros in the previous year. Thanks to a better financial result, the bottom line was a loss of 7.2 million euros, compared to a profit of 3.6 million euros a year earlier. Analysts had hoped for better figures./nas/jha/