August 10, 2018 / 10:39 AM / 9 months ago

Swiss Rieter seeks to reassure on Turkey impact

ZURICH, Aug 10 (Reuters) - Swiss textile machinery company Rieter Holding moved to reassure investors on Friday over its exposure to Turkey, one of its most important markets that is going through a currency crisis.

First-half results showed Rieter generated sales of 58 million Swiss francs ($58.3 million) in Turkey out of its group total of 515 million.

“As already mentioned in the outlook for the first half of 2018, it will be a bit more demanding for some of our customers to get financing in the short term. In the medium and long term, the weaker lira will help to improve the competitiveness of our customers,” it said in a statement.

“Rieter is not directly affected by the weakening of the lira, as Rieter does not invoice in lira, but mainly in euros and francs. We maintain long-term relationships with our customers,” it added.

Rieter shares were down 3.5 percent by midday. ($1 = 0.9946 Swiss francs) (Reporting by Rupert Pretterklieber, Writing by Michael Shields Editing by Keith Weir)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below