Sulzer profit news dampened by business outlook
The Sulzer engineering group has beaten forecasts with its first-half net profit of SFr155.6 million ($146.6 million) but its outlook is subdued.
The company, based in Winterthur with Russian businessman Viktor Vekselberg the major stakeholder, said its profit fell by 1.6 per cent, above the average estimate of SFr125 million in a Reuters poll.
Sales in the first half slipped 1.9 per cent to SFr1.725 billion.
For the full year, Sulzer expects a substantially lower order intake and also decreases in sales, operating income and return on sales compared with the “extraordinary high levels” of 2008, a statement said.
Sulzer, which makes pumps for the oil and gas industry as well as surface coatings for jet engines, says it did not expect a quick recovery in its key markets.
Jürgen Dormann, a former chairman of the ABB engineering concern and backed by Vekselberg, was voted Sulzer chairman at an extraordinary general meeting last Tuesday.
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