Nexans provides a return to net profit in 2010
July 28, 2010
Nexans Account return to profit on its overall performance, with a rebound expected sales in the second half after posting another loss during the first six months of the year.
The group now expects an operating margin of 4.5% over the whole year after reaching its target of 4% in the first half.
The world's leading manufacturer of cables reported Wednesday a first half sales were down 5.3% on an organic, to 2,100 million euros, down more than its target down 4% to 5% announced after the first quarter.
Its operating profit margin of 4% in the first half, as announced at the publication of annual sales in the first quarter.The net loss after minority interests amounted to 17 million euros, compared with a loss of 57 million euros a year earlier.
"After a difficult first quarter, which affected the profitability of the semester, the sales volume has increased over the last three months, particularly in industries characterized as the beginning of the cycle, such as automotive or local data networks" , comments the CEO of Nexans in a statement.
At the end of June 2010, consolidated net debt amounted to 277 million euros, against 141 million at December 31, 2009.
The title Nexans closed Tuesday down 0.2% at 56.01 euros, a market capitalization of around 1.56 billion euros.Since the beginning of the year, the title remained close to balance (0.34%).
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