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9M net sales up 2.9% at composites maker Gurit

01 Nov '16

1 min read

Composites maker Gurit reported net sales of CHF 272.8 million for the first nine months of 2016, up 2.9 per cent year over year on a currency adjusted basis. Of this, the Composite Materials division achieved net sales of CHF 205.2 million, flat over a year ago period, while Composite Components division sales dived 38.4 per cent to CHF 12.8 million.

According to the Swiss company, the massive drop in the Composite Components division sales resulted from contract expirations. However, the division has been able to secure a new major order and is optimistic of bagging more projects in the remainder of 2016.

“The primary reason for flat sales growth in the Composite Materials division is mainly attributed to a weaker demand in the Chinese wind energy industry compared to the record year of 2015,” Gurit explained. (AR)

Fibre2Fashion News Desk – India

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