MLP AG (MLP), Germany’s third-biggest financial-services broker, said first-quarter profit doubled as the company cut costs.
Net income rose to 9.4 million euros ($12.2 million) from 4.7 million euros in the year-earlier period, the Wiesloch, Germany-based firm said in an e-mailed statement today. Sales declined 7 percent to 121.5 million euros.
MLP, led by Chief Executive Officer Uwe Schroeder-Wildberg, confirmed a target to boost earnings before interest and tax to 15 percent of sales in 2012 from 9 percent in 2010. The company cut administrative costs by almost 8 million euros in the quarter and reiterated the goal of reducing fixed costs to 249 million euros this year.
MLP shares have gained 19 percent this year, giving the broker a market value of about 660 million euros.
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