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Profits jump at Saurer

A worker at Saurer's textile machinery plant in Arbon in canton Thurgau Keystone Archive

Net profit at manufacturing group, Saurer, rose to SFr21.1 million ($11.9 million) in the first four months of 2001, up from SFr15.3 in the same period last year.

This content was published on June 18, 2001 - 14:07

"Saurer Group enjoyed positive business development in the first four months of 2001," the company said in a letter to shareholders.

Saurer said the increase in profits was down to continuing internal growth, as well as acquisitions.

However, analysts were disappointed with the numbers at Saurer, which came in lower than most had expected.

Saurer, whose revenues come mainly from machinery and systems for the textile industry, said orders fell by 13 per cent in the first four months, adjusted for acquisitions.

Christoph Bohli, an analyst at Bank Sarasin, said the operating result in the group's textile business was disappointing and the outlook also did not appear very promising.

The group said it expected an increase in turnover this year, partly thanks to acquisitions, although it added that the costs related to such purchases would mean that profits would be similar to levels achieved in 2000.

The Saurer Group's textile unit is the world's largest manufacturer of systems for spinning, twisting and embroidery.

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