SGS posts losses of SFr75 million
The Swiss inspection services group, SGS, has announced a net loss of SFr75 million for 2001, much higher than expected by analysts.
The Geneva-based company said in a statement on Friday that the losses were due to an exceptional charge of SFr177 million taken at its Global Trade Solutions unit. Analysts had forecast a profit of SFr90 million.
Company profits for 2001 were SFr129 million.
The company said it expected to improve operating performance in 2002 and to exceed the 2001 reported net profit before exceptionals of SFr102 million.
SGS operates in more than 140 countries through its network of subsidiaries and laboratories.
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