March 10, 2020 / 6:19 AM / a month ago

Geberit 2019 EBITDA meets expectations, raises dividend

ZURICH, March 10 (Reuters) - Swiss bathroom and piping supplies maker Geberit boosted 2019 operating cashflow (EBITDA) by 4.2% to a record 904 million Swiss francs ($966 million), it said on Tuesday, in line with market expectations.

The company, which had already reported a 0.1% increase in revenue to 3.08 billion francs, reported net profit rose 3.3% to 647 million versus market expectations for 650.3 million francs. It proposed raising its dividend to 11.30 francs.

“Geopolitical risks have increased substantially, leading to more instability and volatility in the global economy. Despite this, the forecasts for 2020 for the construction industry have not changed fundamentally compared to the previous year,” it said.

It added that a market outlook – in particular for markets like China or Italy – was very difficult due to coronaviirus impact on the demand and the supply side.

$1 = 0.9356 Swiss francs Reporting by Michael Shields and John Revill Editing by Riham Alkousaa

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