The cumulative order intake recorded by Rieter Group, the world’s leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
This month Rieter booked order intake for a major project—the first six projects with Cotton & Textile Industries Holding Company, Cairo (Egypt) of around CHF 165 million. However, this amount is not included in the third quarter figures and will positively affect the fourth quarter, Rieter said in a release.
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
"The sales are anticipated to be realised in the 2020/2021 financial years. The order includes deliveries of compact and ring spinning systems and it is part of a comprehensive modernisation programme for the Egyptian textile industry," the release added.
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
"The demand for new machinery remained at a low level in the third quarter of 2019. The primary reasons are existing overcapacity in the spinning mills, the trade conflict between the US and China, as well as political and economic uncertainties in other regions of importance to Rieter. Rieter's market share continues to be at the level of around 30 per cent," the company said.
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
The drop in order intake in the Machines & Systems business group compared to the first nine months of the prior year by around 41 per cent to CHF 255.8 million is affecting all regions, except for Pakistan and Latin America.
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
The Components business group recorded a drop in order intake of 16 per cent to CHF 172.9 million compared to the prior-year period for all regions, except for Turkey. "This primarily concerns the business activities of SSM and Suessen as a consequence of the current market situation. The wear and tear parts business continues at a normal level."
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
The After Sales business group recorded with CHF 95.8 million a decline in order intake by 14 per cent compared to the first nine months of the previous year. This affects all regions except for Turkey, North and South America. Primary reason is the lower volume in the machinery business (lower demand for installation services).
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
For the year 2019, Rieter estimates significantly lower sales as a whole compared to 2018, and expects a significant drop in the result from the ongoing business. "EBIT and net profit are anticipated to be significantly above the levels of the previous year due to the non-recurring profit contribution from the sale of real estate in Ingolstadt (Germany). The cost-cutting measures introduced have been implemented to a great extent."
The cumulative order intake recorded by Rieter Group, the world's leading supplier of systems for short-staple fibre spinning, in the first nine months of 2019 of CHF 524.5 million, was down by 30 per cent compared to CHF 749.8 million in the prior-year period. In the third quarter of 2019, order intake was CHF 146.2 million (Q3 2018: CHF 238.0 million).#
Fibre2Fashion News Desk (RKS)
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