12 June 2001 18:11 [Source: ICIS news]
LONDON (CNI)--Shareholders in Perstorp, the Swedish chemicals and flooring group being taken over by Nordic chemicals group Sydvenska Kemi, were warned on Tuesday of a further deterioration in full year results.
The Perstorp board has revised further downwards by an unspecified amount projections for 2001 pre-tax profits. It had earlier stated that it would not be able to match last year's profits, corrected for removal of the Pergo flooring business, of SKr339m ($36m/Euro38m).
The 2000 pre-tax figures already represent a 38% drop over the previous year.
Commenting that an action plan "is already underway to reduce the group's costs and operating capital," Perstorp blamed a combination of business conditions which have weakened more than expected together with raw material prices remaining at unexpectedly high levels.
It said that the outlook remains firm "but that uncertainty has further increased".
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