Fresenius Medical Care AG, the world's largest provider of dialysis products and services, said Wednesday that first-quarter profit rose 38 percent after the company cut costs.
Net income in the first three months of 2007 rose to US$160 million (euro117.3 million) from US$116 million in the same period a year earlier, the company said in a statement. Revenue rose 33 percent to US$2.3 billion (euro1.7 billion).
The company, which completed its acquisition of U.S.-based dialysis services provider Renal Care Group Inc. last year, reiterated that it expects to post full-year net income of up to US$695 million (euro509.6 million) and that it will spend about US$650 million (euro476.6 million) on acquisitions and capital investment.
Fresenius Medical shares rose 0.3 percent to euro110.75 (US$151.05) in Frankfurt.