Characterised by rapid market recovery combined with regional shift in demand, Swiss supplier of systems for short-staple fibre spinning, Rieter has reported a 294 per cent year-on-year (YoY) growth in order intake to CHF 1,673.9 million (Swiss currency) in the third quarter (Q3) of FY21, over the same period of 2020. Furthermore, the company anticipates its sales to reach CHF 900 million during the year with demand for new systems expected to gradually return to normal in the coming months.
Characterised by a rapid market recovery combined with a regional shift in demand, Rieter has reported a 294 per cent growth year-on-year (YoY) in order intake to CHF 1,673.9 million (Swiss currency) in the third quarter (Q3) of FY21 ended September 30, 2021, over the same period of 2020. The company anticipates its sales to reach CHF 900 million in FY21.#
“Rieter believes that a major reason for this regional shift in demand is the development of costs in China. This is leading to increased investments outside the Chinese market. The orders came primarily from Turkey, Latin America, India, Pakistan and China,” according to the textile machinery firm.
Characterised by a rapid market recovery combined with a regional shift in demand, Rieter has reported a 294 per cent growth year-on-year (YoY) in order intake to CHF 1,673.9 million (Swiss currency) in the third quarter (Q3) of FY21 ended September 30, 2021, over the same period of 2020. The company anticipates its sales to reach CHF 900 million in FY21.#
The machines and systems business achieved a 447 per cent jump in its order intake of CHF 1,281.6 million during the first nine months of 2021, ended on September 30, 2021, attributed to the regional shift in demand. While components business recorded a jump of 95 per cent to CHF 227.0 million, and after sales were up 123 per cent to CHF 165.3 million.
Characterised by a rapid market recovery combined with a regional shift in demand, Rieter has reported a 294 per cent growth year-on-year (YoY) in order intake to CHF 1,673.9 million (Swiss currency) in the third quarter (Q3) of FY21 ended September 30, 2021, over the same period of 2020. The company anticipates its sales to reach CHF 900 million in FY21.#
“The realisation of sales from the order backlog continues to be associated with risks, in light of bottlenecks in material deliveries and freight capacities as well as the ongoing pandemic in countries that are important for Rieter,” the company said.
Fibre2Fashion News Desk (JL)
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