9/2/2009
HEADLINES
Bossard Group Sales Drop 31%
Bossard reported group sales fell 31% to CHF 205.9 million (US$194.3 million) for the first six months of 2009.
Bossard says it cut cost at the first signs of an impending economic downturn and the program, which includes short term working and job reductions through natural wastage, continued into the first half 2009, achieving a CHF 14.1 million (US$13.3m) drop in operating expenses to CHF 60.5 million (US$57.1m).
At the end of June Bossard employed 1,451 people worldwide, 15% fewer than 12 months earlier. Capital employed was reduced by 9.3% to CHF 317.8 million (US$300m) and Bossard stressed a healthy balance sheet, strong cash flow and low net debt.
Both earnings and margins fell “steeply”. U.S. sales fell 24%, while European sales declined 37%. In Asia Bossard “started weak at the beginning of the year and did not generate profit”.
Consolidated net income was CHF 5.6 million (US$5.3m) for the first six months 2009, a 74.5% fall on the same period 2008. Return on sales dropped from a record 7.6% in the first six months of 2008 to 2.8%. ©2009 GlobalFastenerNews.com
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