November 29, 2002
» Interim Result in Line with Expectations |
November 29, 2002 - Interim Result in Line with Expectations
Steinhausen, November 29, 2002 - The Zug based electronics group suffered a decline in operating revenue during the first half-year of the current financial year 2002/03 (closing March 31, 2003). Revenue decreased by 27% to reach CHF 99 million. The two core businesses showed diverse developments. While Automation Components coped well with the adverse market conditions and reached a satisfactory result, the unabated decline in demand from the US telecom infrastructure sector negatively affected Electronic Packaging’s operating revenue. Thanks to the quickly implemented cost reduction measures, the group succeeded in achieving a positive cash flow. However, the strong decline in operating revenue resulted in a loss of CHF 2.9 million for the first half-year.
A speedy, general recovery of the economic environment in the US is unlikely to occur. However, as a result of the drastic cost-cutting measures, group management is optimistic of achieving a positive result in the second half-year, albeit not sufficient to entirely offset the loss the group incurred during the first six months of the current year.
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