Swiss-based special steel producer and distributor Schmolz+Bickenbach has announced its financial results for the third quarter and the first nine months of the current year.
In the third quarter, Schmolz+Bickenbach recorded a net loss of €13.9 million, compared to a net loss of €34.1 million recorded in the same quarter of the previous year. In the third quarter, the company’s sales revenues decreased by 13.8 percent to €534.1 million, while its sales volume amounted to 391,000 mt, down by 4.6 percent, both on year-on-year basis.
Meanwhile, in the first nine months of the current year, the company registered a net loss of €35.9 million, compared to the net loss of €151.7 million in the first nine months of 2015. The company's sales revenues amounted to €1.75 billion, declining by 16.7 percent year on year, with the sales volume decreasing 2.9 percent year on year to 1.32 million mt.
Schmolz+Bickenbach stated that it does not expect any momentum in the fourth quarter of this year, due to the fact that global economic growth will continue to be dampened and competitive pressure will remain high. Accordingly, the challenging market conditions will continue in the remaining months of 2016. The company anticipates sales volumes in the current year to be on a par with the previous year. According to Schmolz+Bickenbach, in the year-on-year comparison, the first half of the year will be weaker, whereas the second half of the year will be stronger.