Saurer back in profit
Swiss manufacturing group Saurer has pulled itself out of the red during the first eight months of the year, and the company expects a further improvement in earnings.
However, the results were below market expectations and shares in the group fell in Monday trading.
Saurer, based in canton Thurgau, said net profits rose to SFr25.7 million ($14.69 million) from a loss of SFr70.4 million last year.
Its operating result swung to a profit of SFr48.4 million from a loss of SFr61.6 million, while sales increased to SFr1.24 billion from SFr829.5 million.
Saurer said it had consolidated German unit, Barmag, in which it recently acquired a minority stake, adding SFr152 million to sales. The company said all divisions had shown an improvement.
It added that after a significant slump in 1999, Saurer Textile had enjoyed strong sales because of "the economic upturn in the global trade in textile machines for staple fibres".
Surface technology equipment sales were up by 17 per cent, which Saurer attributed to large investments made in capacity renewal and expansion.
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