Rieter Holding AG, which makes textile machinery and car parts, said that first-half net profit dropped 18 per cent after it suffered a considerable slump in demand from China.

First-half net profit decreased to CHF49.4 million from CHF60.1m last year, missing market predictions of CHF51m. Sales during the period dropped 5.3 per cent to CHF1.54 billion.
The company provided a cautious outlook for the second half of the year, saying it expects nearly static revenue.

Rieter stressed that its plans to stay as an independent company despite rumours of a possible takeover.