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Georg Fischer issues profit warning

Profit at Georg Fischer has been hit by the global slowdown Keystone Archive

The industrial group, Georg Fischer, says it expects earnings for the current year to be 30 per cent lower than for 2000 and sees no upturn in the early part of next year.

This content was published on October 30, 2001 - 09:53

"Since the publication of the our first-half results," said a company statement, "conditions in our markets have gradually deteriorated."

It added that there was increasing uncertainty in American, Asian and European markets since the September 11 attacks. It pointed out that last year's figures had been boosted by an exceptional first quarter.

Georg Fischer made a net profit of SFr151 million last year on sales of SFr3.9 billion.

The industrial conglomerate also announced on Tuesday that it had won a SFr470 million contract to supply parts to the French carmaker, PSA. The contract, which only begins in 2003, is the biggest order the group's automotive division has ever received.

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