Swiss Gurit 2013 net profit shrinks on poor wind energy market

14 March 2014 07:51 Source:ICIS News

SINGAPORE (ICIS)--Gurit’s net profit last year slumped to Swiss francs (Swfr) 112,000 from Swfr13.7m in 2012, largely on the poor performance of the wind energy markets, the Switzerland-based firm said on Friday.

Sales declined 19.9% to Swfr281.1m, with operating profit falling 48.9% to Swfr6.50m, the company said in a statement.

In the wind energy market, sales were down 42.6% to Swfr117.4m – accounting for about 42% of the company’s total sales.

“The drop in wind energy sales volumes had a negative impact on the operating profit, which was also impacted by price decreases in the wind market, some production inefficiencies and Swfr1.4m net impairment charges triggered mainly by the implementation of the new PVC [polyvinyl chrloride] core material strategy,” Gurit said.

(€1 = Swfr1.21)

By Pearl Bantillo