Oerlikon returns to the black
Swiss technology group Oerlikon has reported an annual profit for the first time since 2007.
Releasing its annual results for 2010, the company said it booked a SFr5 million ($5.6 million) profit for the year, compared with a loss of SFr592 million in 2009.
Sales increased by 25 per cent to SFr3.6 billion while order intakes doubled to SFr4.52 billion in 2010.
“The consistent implementation of our operational and strategic measures is paying off,” Oerlikon CEO Michael Buscher said in a statement. “Our profitability is increasing faster than planned and we are well on the way to a sustainable comeback.”
Growth was driven primarily by demand in Asian markets where sales grew 65 per cent with China and India making the largest contribution, the company said.
Sales in North America remained flat, while Europe saw only a slight increase. Foreign exchange reduced overall sales by six per cent, or SFr220 million.
The company has forecast sales will increase a further ten per cent in 2011.
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