(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)