Georg Fischer issues profit warning
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.
"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.
swissinfo with agencies
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.