A bit less but also a bit more than expected
As previously announced Swiss Textile Machinery Rieter reported on February 2nd the official final first results for the business year of 2011 and as a standalone company after its separation from Autoneum (former Rieter Automotive Systems).
Incoming orders were 34 % lower in CHF and in local currencies 31 % and totalled CHF 958.3 million (CHF 1454.6 million) thereof Spun Yarn Systems contributed CHF 775.0 million (CHF 1217.9. million) or 36% less than 2010 and also Premium Textile Components show 22% less orders of totally CHF 183.3 million (CHF 252.2 million). A brighter horizon is shown for total sales since they increased by 22% to CHF 1060.8 million (CHF 870.4 million) and thereof CHF 861.7 million (CHF 674.0 million) derived from Spun Yarn Systems (+28 %) and CHF 199.1 (CHF 190.6 million) from Premium Textile Components (+ 4.0 %). The most important markets were China (with special adapted products), Turkey, India followed by South Korea, Indonesia, USA, Brazil, Pakistan and Bangladesh. According to a letter to the shareholders Rieter expects an operating margin (EBIT) in the double-digit range. The overall results will be published on March 21, 2012.