29 October 2009 07:41 [Source: ICIS news]
SINGAPORE (ICIS news)--Trelleborg more than doubled its third-quarter net profit to Swedish kronor (Skr) 216m ($30.6m/€20.8m) due to improved margins although sales declined, the polymer company said on Thursday.
Sales for the three months to September slipped 13% to Skr6.56bn, but better margins allowed operating profit to jump 41% to Skr371m.
“Demand in many segments remained weak during the quarter. Despite this, the group’s operating margin improved, which demonstrates that the measures we have taken to adapt capacity have yielded effects,” Trelleborg president and CEO Peter Nilsson in a statement.
For the first nine months of the year, Trelleborg made Skr327m in net profit, down 44% year on year due to poor results in the first two quarters. Sales declined 15% to Skr20.30bn over the same period.
Its operating profit more than halved to Skr576m for the January-to-September period, the company said.
Nilsson said there remains a “sense of uncertainty” on the trend of demand going forward and the company would continue to take measures “to build an efficient and flexible structure in the long term.”
($1 = Skr7.06, €1 = Skr10.39)
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