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H1 revenues surge 27% at Picanol Group
24
Aug '16
Courtesy: Picanol
Courtesy: Picanol
Driven by a continued high global demand in the weaving machine segment in the first half of 2016, sales at weaving technologies producer Picanol Group surged 27 per cent year over year to €329.7 million in the six months ended June 30, 2016. During this six month period, the Belgium based group focused on flexibility in order to handle production peaks.

“Apart from the sales growth in the Weaving division, the Industries division also had a strong first half due to the increased demand from the weaving machines division and projects from other customers,” Picanol said.

One of its divisions, Tessenderlo Chemie NV posted net result of €12.3 million in the reporting period compared to €11.7 million euros in the corresponding period of prior year.

Picanol Group closed the first half of 2016 with a net profit of €60.4 million, a steep rise from €42.0 million in the same period of the previous year.

Based on the current order book position, the Group has increased its turnover forecast for 2016 and now expects sales to rise 10 per cent over 2013, the best year in the history of the group. (AR)

Fibre2Fashion News Desk – India

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