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Profit down but turnover up at Swissmetal

Nadine Minnerath, chief executive of Swissmetal Keystone

Switzerland's largest metals group, Swissmetal, has announced that its profit for the first quarter dropped to SFr5.9 million ($3.4 million), down from SFr6.2 million for the same period last year.

However, the group said in a statement on Wednesday that turnover grew by seven per cent over the previous quarter, reaching SFr51 million.

The company added that sales were still benefiting from the extremely strong order book it had at the end of last year.

Since then, orders have declined, slipping seven per cent between January and March compared to the same period last year.

Swissmetal blamed the strong rise in petrol and gas prices for the reduction in its first quarter profit and said that the outlook remained uncertain for the second quarter.

Based in Dornach in canton Solothurn, the group supplies metal wires and components for a number of products, including watches and electrical devices.

swissinfo with agencies

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