Belgian weaving machine manufacturer Picanol on Thursday reported a third quarter consolidated net profit of 6.7 million euros. The company said it expects to double its net profit for the full fiscal year and sees a 25 per cent jump in turnover to around 500 million euros. In fiscal 2001 it reported a net profit of 11.6 million euros, and so far in 2002 has generated a consolidated net profit of 16.03 million euros.

The company said in a news release it made and delivered 2,273 weaving machines in the quarter, compared to around 6,000 machines for the whole of 2001.

It's turnover was 124 million euros, which includes the contributions of US textile machinery subsidiary Steel Heddle and Belgian weaving machines subsidiary Verbrugge, whose turnover totalled 8.2 million euros for the quarter.

Picanol said during the third quarter it increased its total production by three weaving machines per day in Ypres, and by one weaving machine per day in China, resulting in a total daily output of 43 machines.

The company said it expects to double its net profit for the full fiscal year and sees a 25 per cent jump in turnover to around 500 million euros. In fiscal 2001 it reported a net profit of 11.6 million euros, and so far fiscal 2002 has generated a consolidated net profit of 16.03 million euros.