Shares in Georg Fischer, the Swiss manufacturing company, dropped by 3.8% on Thursday following the release of their first-half financial results. The company reported a decrease in net profit and sales due to unfavorable exchange rates. Earlier in the day, shares had tumbled more than 5%.
Financial Report Highlights
- Net profit in the January to June period dropped to 123 million Swiss francs, compared to 125 million in the same period last year.
- Sales fell slightly from 1.97 million to 1.96 million Swiss francs.
- Operating income increased from 179 million to 184 million Swiss francs.
Georg Fischer attributed these results to currency headwinds and geopolitical tensions. However, the company noted that on an organic basis, sales actually rose by 7.5%.
Analysts at Baader Helvea expressed that the results were in line with expectations. They anticipate ongoing challenges from economic sentiment and interest rates in the coming months.
Looking ahead, Georg Fischer is optimistic about the remainder of the year, estimating growth in organic sales and projecting an operating profit margin between 9% and 11%.