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Schmolz+Bickenbach’s net loss narrows down in H1

Friday, 12 August 2016 17:00:37 (GMT+3)   |   Istanbul
       
Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced its financial results for the second quarter and the first half of the current year.
 
In the second quarter, Schmolz+Bickenbach recorded a net profit of €2.4 million, decreasing by 50 percent from the corresponding quarter of the previous year. In the second quarter, the company’s sales revenues decreased by 14.4 percent to €618.7 million due to lower prices, while its sales volume amounted to 471,000 mt, up slightly by 0.4 percent, both on year-on-year basis.
 
Meanwhile, in the first half of the current year, the company registered a net loss of €22 million, compared to the net loss of €117.6 million in the first half of the previous year. The company's sales revenues amounted to €1.22 billion, declining by 17.9 percent year on year, with the sales volume decreasing 2.1 percent year on year to 932,000 mt. 
 
According to the company’s statement, the outlook for global economic growth remains subdued and it expects the market conditions throughout the second half of 2016 to continue to be challenging. The company also expects an adjusted EBITDA of between €150 million and €190 million in the current year, while investments are expected to amount to around €100 million.

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