MAINTAL (dpa-AFX) - The Norma Group, a manufacturer of connection technology and automotive supplier, is struggling with the gloomy economic climate. In the first quarter, sales fell by two percent year-on-year to 308.5 million euros, partly due to exchange rate effects, as the company announced in Maintal on Tuesday. However, a savings program had a positive effect, enabling Norma to increase earnings before interest and taxes adjusted for special effects by 13.9 percent to 25.7 million euros. The corresponding margin rose by 1.1 percentage points to 8.3 percent. Norma slightly exceeded analysts' average estimates with the figures from current business. At the bottom line, profit rose from 7.8 million euros a year earlier to 8.5 million euros.

"Our robust business model with three divisions offers us attractive opportunities even in a mixed economic environment," said Norma CEO Guido Grandi. While business with general industry was difficult in all regions, the irrigation technology division grew in America and Europe. With regard to the automotive industry, Norma recorded a stable environment in Asia and Europe, while business declined in America.

Norma primarily manufactures pipe, hose and plug connectors as well as hose clamps. They are used in the automotive industry and in agricultural irrigation systems, among others. The company employs a total of around 8100 people./men/mis