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Rieter reports 7% rise in FY19 orders

Mar '20
Pic: Rieter
Pic: Rieter
Rieter, a supplier of systems for short-staple fibre spinning, reported an order intake of CHF 926.1 million (CHF: Swiss currency) in FY19 ended on December 31, 2019 which was 7 per cent up compared to prior year (CHF 868.8 million). The growth is reportedly attributed to Q4, in which Rieter booked orders of CHF 401.6 million (Q4 FY18: CHF 119.0 million).
At the end of FY19, Rieter had an order backlog of about CHF 500 million (December 31, 2018: about CHF 325 million). Net profit rose to CHF 52.4 million (6.9 per cent of sales) in FY19 compared to CHF 32.0 million (3.0 per cent of sales) in FY18.
The company reported that FY19 was characterised by the trade conflict between the US and China, excess capacity in the spinning mills as well as political and economic uncertainties in regions of importance to Rieter. Against this background, sales in the Asian countries (without China, India and Turkey) amounted to CHF 293.5 million. 
In India, sales declined by 32 per cent to CHF 99.9 million. Rieter's sales in Turkey amounted to CHF 66.8 million. At CHF 136.7 million, sales in China were 8 per cent down on the previous year. In North and South America, sales declined 3 per cent to CHF 105.8 million. In the Europe region, sales fell by 13 per cent to CHF 41.2 million, while in the Africa region, Rieter recorded 55 per cent decline in sales to CHF 16.1 million.
In the business group Machines & Systems, sales of new machines were at a very low level in FY19, falling by 42 per cent to CHF 389.0 million (FY18: CHF 669.3 million). Components recorded 12 per cent drop in sales to CHF 230.2 million in FY19 compared to CHF 262.3 million in prior year. This is reportedly attributable to the reluctance to invest in the markets, which primarily affected the business activities of SSM and Suessen. With sales of CHF 140.8 million, After Sales recorded a slight decline of 2 per cent due to the lower volume in the machine business and the associated lower demand for installation services.
The company in its outlook stated that the effects of the Covid-19 virus, which cannot be definitively determined at the present time, will be relevant for the year as a whole. Company has taken the appropriate precautions to protect employees and to keep the promises made to customers wherever possible, as reported.

Fibre2Fashion News Desk (JL)

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