Picanol Group posts turnover of €688.93 million in 2017

The gross profit of the Picanol Group for 2017 amounted to €159.39 million, compared to €158.4 million in 2016. The gross profit percentage decreased slightly from 25 to 23 per cent. The operating result is stable at €120.77 million in 2017 compared to €120.98 million in 2016.

In 2017, the weaving machines division experienced a record breaking year. The rising demand for quality and technology resulted in strong sales – mainly in Asia – and this led to further market share growth in many countries and weaving market segments. This resulted in Picanol putting a record number of weaving machines on the market in 2017. The sales of spare parts and accessories followed the positive trend of the weaving machines.

The activities of the Picanol Group in 2017 resulted in a net profit of €91.64 million compared to €88.38 million in 2016. The group closed 2017 with a net profit of €101.71 million, compared to €119.72 million in 2016.

For the first six months of 2018, the order book is well-filled. For the first half of 2018 the Picanol Group expects to realise a turnover in line with that of the first half of 2017, but is taking into account a further negative impact of rising commodity prices. (RR)

Fibre2Fashion News Desk – India