One of Switzerland's largest construction groups, Zschokke, has announced a three-fold increase in year-on-year profits. The result is further evidence that the recession-hit industry is now firmly on the path to recovery.
One of Switzerland's largest construction groups, the Geneva-based Zschokke company, has announced a three-fold increase in profits in 1999 compared to the previous year. The result is further evidence that the industry, one of the worst affected by the recession in the 1990s, is now firmly on the path to recovery.
Zschokke on Wednesday unveiled profits of SFr7.6 million for last year, up from SFr2.5 million in 1998. Turnover increased 5.7 per cent to SFr1.07 billion. The company said the figures exceeded its own forecast made last December, when it had predicted profits of SFr6 million. Zschokke said that all branches had contributed to the rise in turnover and profits.
The company said the recovery in the construction sector was reflected in an increase in orders, which were up 25 per cent at the end of last year, to SFr1.1 billion. It added that, following a period of restructuring and concentration on its core business, it expected a rise in profits for the current year and beyond.
BatiGroup, another major construction company, is due to release results on Thursday.
swissinfo with agencies