OREANDA-NEWS. Belgian graphics group Agfa-Gevaert on Wednesday said its margins contracted in the final quarter of 2014, as profits fell in its printing business due to declining income from analogue products and tough competition.

For the group as a whole, operating profit, before one off items, fell 8.2 percent in the fourth quarter to 56 million euros (\$59.87 million). Analysts at KBC Securities had expected 61 million euros.

The group said it had reduced its net debt to 126 million euros from 217 million at the end of 2013.

Agfa said it aimed to stem falling revenues in 2015 and set a target of a core profit margin of close to 10 percent of revenues in 2015, an improvement on the 8.5 percent achieved in 2014.

The group added that it would be able to make acquisitions given its lower debt level.