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Bekaert H1 profit tumbles

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TintDude

TintDude

Posted
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Friday July 31, 2009 05:14:06 PM GMT

Reuters News

BEKAERT/ (UPDATE 1)

* H1 REBIT 86 mln euros vs 85 mln euro forecast

* Expects to benefit from lower raw materials in H2

(Adds detail)

BRUSSELS, July 31 (Reuters) - Belgian steel cord and wire manufacturer Bekaert reported a 47 percent drop in first-half operating profit on Friday due to continued weak demand in Europe and North America.

Recurring earnings before interest and tax (REBIT) fell to 86 million euros ($121 million), just above the average estimate of 85 million euros in a Reuters poll of seven analysts.

Bekaert, whose products are used to reinforce tyres and concrete, said visibility remained limited and gave no concrete forecast for the full year.

It did say, however, that it saw no further negative impact on its profit margin from raw material prices, which were stabilising.

"The substantially lower raw material prices year-on-year will have a corresponding impact on Bekaert's sales for the second half of 2009," the group said in a statement.

The group, which also produces window film for houses and cars for insulation and to hold glass shards, said net debt fell to 621.8 million euros from 627 million at the end of 2008 mainly as a result of a reduction in working capital.

Bekaert has a quarter of the world's market share in steel cord and is rapidly expanding in China, where it has about 7,000 staff, a third of its total workforce. (Reporting by Antonia van de Velde; Editing by Dale Hudson)

http://www.forexyard.com/en/reuters_inner....EKAERT-UPDATE-1

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Booms

Booms

Posted
Posted
47 percent drop in first-half operating profit ........86 million euros ($121 million)

Operating PROFIT....not operating sales.... $121 million in profit in the first HALF of the year is still alot of Jack! :dunno

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Guest absolutetinting

Guest absolutetinting

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I feel sorry for the some reps.. they don't hit numbers then they'll be release. I know a few and they good guys too.

to cut cost down they have to close service center that have less will calls and ups film from nearest service centers. hire some yahoo who doesn't know anything about film for less money.

I think they've already begun this aren't some warehouse closing: dallas, atlanta, pompano,ohio I can't name them all.

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Guest vclimber

Guest vclimber

Posted
Posted
47 percent drop in first-half operating profit ........86 million euros ($121 million)

Operating PROFIT....not operating sales.... $121 million in profit in the first HALF of the year is still alot of Jack! :dunno

You've got to separate the film MFG group from the steel cord group. I think this figure is for the combined divisions... maybe not though.

I feel sorry for the some reps.. they don't hit numbers then they'll be release. I know a few and they good guys too.

to cut cost down they have to close service center that have less will calls and ups film from nearest service centers. hire some yahoo who doesn't know anything about film for less money.

I think they've already begun this aren't some warehouse closing: dallas, atlanta, pompano,ohio I can't name them all.

Anaheim service center used to be a busy place... not anymore.

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Guest Readyman

Guest Readyman

Posted
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Anaheim service center used to be a busy place... not anymore.

I don't know about that. I got a call last week from a dealer in San Jose looking for some Slate 30, he needed about 1/2 a roll to finish up an ongoing project.

He has been a Panorama dealer for years and was cancelled out of the blue, no explanation, just "we're sorry".

Now that could be because of Paul at BAWF, he and Denver are tight, but if they are that slow I can't imagine why they would be turning down business.

Granted he wasn't a big dealer, on average he bought 30-35k per year but in this economy why turn that down?

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TINT

TINT

Posted
Posted
Anaheim service center used to be a busy place... not anymore.

I don't know about that. I got a call last week from a dealer in San Jose looking for some Slate 30, he needed about 1/2 a roll to finish up an ongoing project.

He has been a Panorama dealer for years and was cancelled out of the blue, no explanation, just "we're sorry".

Now that could be because of Paul at BAWF, he and Denver are tight, but if they are that slow I can't imagine why they would be turning down business.

Granted he wasn't a big dealer, on average he bought 30-35k per year but in this economy why turn that down?

is paul buying all the window film and stocking it at his shop? :lol

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Guest Readyman

Guest Readyman

Posted
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is paul buying all the window film and stocking it at his shop?

Wouldn't surprise me. Although I do hear that they are slower than normal and their prices have sure come down.

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TINT

TINT

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is paul buying all the window film and stocking it at his shop?

Wouldn't surprise me. Although I do hear that they are slower than normal and their prices have sure come down.

you've got to be a dumb arse if you didnt :lol2 :lol2

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