WASHINGTON (dpa-AFX) - Geberit AG (GBERY.PK, GBERF.PK), a Swiss maker of sanitary parts and related systems, reported Thursday that its first-half net income declined to 369 million Swiss francs from last year's 402 million francs.
Earnings per share were 10.93 francs, down from 11.56 francs last year.
EBIT declined to 453 million francs from 483 million francs a year ago. EBITDA was 526 million francs, lower than last year's 561 million francs.
Operating cashflow margin or EBITDA margin was 31.7 percent, compared to 29.0 percent in the prior year. The company reported significantly increased operating margins due to consistent price management, lower energy prices and high operational flexibility.
Net sales declined 14.1 percent year-over-year to 1.662 billion francs. Net sales dropped 9.2 percent on currency-adjusted basis. Sales were hit by significant volume decline, the shift in demand from sanitary to heating solutions and a positive price effect.
The company said it recorded convincing results in spite of an extraordinarily difficult environment with a declining construction industry in Europe.
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