MLP First-Quarter Profit Doubles as German Broker Cuts Costs

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.

To contact the reporter on this story: Oliver Suess in Munich at osuess@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Edward Evans at eevans3@bloomberg.net