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Gurit raises H1 2012 net profit despite write-offs in wind power segment

(SeeNews) - Aug 24, 2012 - Swiss composite materials maker Gurit (SWF:GUR) increased its net profit by 12% in the first half of 2012 despite one-off impairments due to expected lower demand on the wind energy markets.

The net profit reached CHF 10.6 million (USD 11.1m/EUR 8.8m) despite impairments of CHF 2.9 million and a higher tax rate.

Operating profit jumped by 68.5% to CHF 17.2 million backed by strong sales to the wind energy sector.

Revenue rose by 20% to CHF 195.6 million. Sales to the wind energy sector increased by 34% to CHF 120.7 million.

The company expects decreasing revenue in in the fourth quarter due to weaker fibre prepreg business in the USA. It still aims at operating margin of between 8% and 10% for the full year.

(CHF 1.0 = USD 1.945/EUR 0.833)

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