Profits tumble at Unaxis
The technology group, Unaxis, saw its first half net profit slide to just SFr3 million ($1.81 million) compared with SFr73 million for the comparable period the previous year.
The company blamed the result on a SFr100 million goodwill write down for the ailing semiconductor maker, ESEC, in which it has a 57 per cent stake.
But the economic slowdown also bit into profits. Unaxis had already warned earlier this year that its annual operating profit would be affected by lack of demand in the IT sector. It said on Wednesday that it saw no improvement until well into next year.
However, Unaxis said it was still confident of achieving a positive full year net income due to planned divestments, especially of Leybold Optics.
Unaxis, formerly Oerlikon Bührle, has restyled itself over the last two years from a diversified industrial conglomerate to an IT market-player, shedding units such as Bally shoes and Pilatus aircraft.
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