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2016 net sales drop 2.1% at composite materials maker Gurit

30 Jan '17

1 min read

In its preliminary results for 2016, Switzerland based manufacturer of advanced composite materials Gurit, reported a decline of 2.1 per cent in net sales at CHF 352 million on reported basis as against CHF 359 million in 2015. On a currency adjusted basis, the company reported net sales of CHF 359 million, nearly flat from that recorded in 2015.

The Swiss company said it expanded its operating profit margin by 140 bps to 10.5 per cent of net sales in 2016 as against 9.2 per cent of net sales in 2015.

The Composite Materials division posted mixed results in its various market areas. In wind, it suffered from around 25 per cent drop in demand from lower installation rates in the wind energy industry in China, as against a record year 2015.

The European Marine leisure market also witnessed project delays, which could not be fully offset by the positive double digit growth in the aerospace business.

In 2016, net sales at the Composite Materials division declined 3.0 per cent and 1.6 percent on a currency adjusted basis to CHF 265.6 million in 2016 vis-à-vis CHF 274.0 million in 2015. (AR)

Fibre2Fashion News Desk – India

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