Picanol H1 2018 results in line with expectations

The Group’s net profit of €67.1 million, includes €47.8 million from the Weaving Machines and Industries divisions and €19.4 million from its stake in Tessenderlo Group nv.

“The Weaving Machines division had a very strong half-year based on the well-filled order book at the end of 2017, although it experienced a slight decrease in turnover compared to the exceptionally strong first half of 2017,” the company said in a press release.

“Despite the lower demand from the Weaving Machines division, the Industries division again realised a strong first half-year thanks to higher demand and projects from other customers. The Industries division thus continues to contribute to the growing diversification of the group by fully focusing on castings and mechanical finishing (Proferro), controller capacities (PsiControl) and precision parts (Melotte),” the release added.

For the second-half of 2018, the order book is well-filled. However, the Group expects a slight decrease in turnover over the full 2018 financial year compared to 2017—the best result in the history of the group—and is taking into account a further impact of rising commodity prices. (RKS)

Fibre2Fashion News Desk – India