Mikron crippled by losses
The Swiss technology group, Mikron, has posted losses of SFr127.3 million ($76.4 million) for 2001, but remains upbeat about its 2002 outlook.
The company, which makes electrical components and parts for the automotive industry said the losses were due to restructuring costs and a SFr88 million ($52 million) “goodwill” gesture to write off certain areas of its business.
The 2001 results were in stark contrast to 2000, when the company recorded SFr34.1 million profit.
The multi-million franc loss for last year was based upon sales of SFr607.5 million with order volume at SFr 501.2 million.
Despite the gloomy news, Mikron is positive about its performance for 2002.
In a press statement on Monday, it said its current objective was to achieve a healthy balance sheet by the end of the year.
It’s budget projections for 2002 are based on a lack of sales growth in a slow economic environment, with Mikron hoping that savings will be made through “substancial divestments” which in turn will improve cashflow.
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