Swiss firm Rieter's H1 2022 challenging despite high order backlog
26 May 22 2 min read
Sales and earnings were adversely impacted in H1 and the company’s takeover of the winding machine business led to additional costs. Rieter expects significantly higher sales in the first half of 2022 compared to the prior-year period (first half of 2021: CHF 400.5 million). Rieter anticipates a loss at the EBIT and net result level in the first half of 2022 (first half of 2021; EBIT: CHF 9.0 million, net result: CHF 5.3 million), the company said in a press release.
The company is working intensively on the implementation of measures to minimise the impact of the supply chain bottlenecks, the COVID lockdown in China and the cost increases. The implemented price increases have a delayed effect, particularly in the machinery business. The integration of the automatic winding business is proceeding according to plan.
As soon as the situation in the sourcing markets has normalised, Rieter will benefit from the exceptionally high order backlog and the considerably improved market position as a result of the takeover of the automatic winding business as well as Accotex and Temco.
Rieter will provide a detailed report on the business results of the first half of 2022 on July 19, 2022
Fibre2Fashion News Desk (RR)
Popular News
|
Cotton yarn prices ease in north India, steady in Panipat |
|
K3 Fashion portfolio strategically revamps team for SMB Market |
|
Chinese spandex hits new low in April, sheds 65% of 2021’s peak value |
|
The LYCRA Company launches FashionFarmers media campaign on Earth Day |
|
Bangladesh garment makers seek US support for fair apparel pricing |
|
Vietnam's economy to see gradual recovery in 2024: World Bank |