Home / Knowledge / News / Textiles / Slowdown notably hits Picanol sales & net profit in H1
Slowdown notably hits Picanol sales & net profit in H1
27
Aug '14
Belgium-based Picanol Group, which is celebrating its 50th anniversary in China, saw its revenue plunge 28% year-on-year in the first six months of 2014, in what it called a significant slowdown period.

Picanol reported sales of Euro 219.9 million in the first half of 2014, down 28% compared with first half of 2013. Turnover in the first half of 2014 was equivalent to that reported in first half of 2012.

Picanol said the Weaving Machines division was confronted with a significant global slowdown in the first half of 2014.

And although its Industries division experienced a lower demand from the Weaving Machines division, it was able to realize growth from external customers in the first half of 2014.

Alongside, the significant decline in sales, first half of 2014 net profit also sank around 42% to Euro 24.6 million from Euro 42.4 million in the same period in 2013.

However the addition of net profit of Euro 5.5 million from Tessenderlo Chemie NV helped net profit climb to Euro 30.1 million.

Looking at the current market situation, Picanol Group is expecting sales as well as a net profit decline in the second half of 2014, when compared with the same period of the previous year.

Picanol said construction work of the new test area and training center for weaving machines in Ypres has been completed and inauguration will take place on September 11.

The textile machinery producer also informed that in combination with further productivity and quality improvements, the Picanol Group wants to improve its competitiveness in Ypres too.

It said it will also continue to focus on product development and innovation. In June 2014, Picanol introduced its new GTMax-i rapier weaving machine at the ITMA Asia + CITME 2014 show.

Fibre2fashion News Desk - India


Must ReadView All

China pumps $109 bn into economy amid trade war with US

Textiles | On 15th Oct 2018

China pumps $109 bn into economy amid trade war with US

China has decided to cut the reserve requirement ratios (RRRs) by one ...

Global lingerie market expected to reach $55 bn by 2024

Apparel/Garments | On 15th Oct 2018

Global lingerie market expected to reach $55 bn by 2024

Global lingerie market in 2015 was worth $33 billion and is expected...

Courtesy: Fast Retailing

Apparel/Garments | On 15th Oct 2018

Fast Retailing operating profit soars 33.9% in FY18

Fast Retailing has achieved a record performance in the twelve months ...

Interviews View All

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Hannah Lane, Redress

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search