The technology group Feintool has downgraded its earnings forecast for the current financial year, blaming the economic slowdown in the United States.This content was published on July 20, 2001 - 11:43
Feintool, which had already planned job cuts, made the announcement on Friday after releasing figures that showed a lower than expected sales increase for the first nine months of the year. Sales rose from SFr306 million ($177 million) to SFr330 million.
The company said it now expects a net profit of between SFr16 million and SFr19 million. In May, it forecast earnings of SFr26 million.
Sales for the year are now expected to be between SFr460 and SFr475 million, down from an earlier estimate of SFr490 million.
The disappointing third quarter (Feintool's year runs from October to September) will see the company reshape its organisation with the loss of 50 jobs. The cuts will affect the workforce at the company's site in Aarberg as well as North American employees.
Feintool said most of the cuts would be accounted for by natural fluctuation though there could be a few redundancies.
Swissinfo with agencies
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