SWITZERLAND: Rieter H1 Profit Surges 32%
Textile machinery and car components maker Rieter Holding AG on Thursday posted a 32 per cent jump in first half net profit due to a strong performance by its textile division.
The company said net income for the six month period rose to 53.5 million Swiss francs ($38.5 million) from the year-ago period as sales rose eight per cent year-on-year to 1.56 billion francs.
"This rise was due primarily to the good performance of the textile systems division, which maintained its growth momentum in Asia," it said in a news release.
"Textile systems more than doubled its operating profit to 64.4 million Swiss francs from 25.9 million, due to better capacity utilisation, product mix and cost management."
Rieter added it sees no significant change in the trend of business in the second half of 2003 compared with the first six months.
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