SWEDEN: Sewing Machine Maker VSM Suffers Profit Slide
Sewing machine maker VSM Group on Friday posted a sharp fall in first quarter pre-tax profit to $4.4 million from $8.6m in the year-ago period. The firm, which was formerly called Viking Sewing Machines AB and has around 2,000 staff, said in a statement turnover for the 12 month period fell to $72m from $91m in the year prior.
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