Finland’s Uponor posts 33% fall in H1 op profit

12 August 2008 11:54  [Source: ICIS news]

STCKHOLM (ICIS news)--Finnish plastics pipe manufacturer Uponor has posted a 33.3% year-on-year drop in its first-half operating profit to €48.3m ($72m) due to weak construction activity in Europe and North America, it said on Tuesday.

Its sales for the period from January to June 2008 declined 8.4% to €501.2m year on year, it added.

The company said it did not expect full year sales to reach last year’s levels, and operating profit was also estimated to fall short of the 2007 level.

The company on Tuesday authorised a plan to reduce annual costs by around €30m, which could affect nearly 200 employees at its production facilities in western Europe and North America, it said.

($1 = €0.67)

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By: Sverker Nyman
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