SGS H1 profit more than halves as sales drop

Credit: REUTERS/ARND WIEGMANN

Swiss inspections group SGS SA's first-half profit attributable to shareholders fell 55% to 171 million Swiss francs ($182 million), it said on Tuesday while withdrawing its full-year guidance due to the coronavirus pandemic.

ZURICH, July 21 (Reuters) - Swiss inspections group SGS SA's SGSN.S first-half profit attributable to shareholders fell 55% to 171 million Swiss francs ($182 million), it said on Tuesday while withdrawing its full-year guidance due to the coronavirus pandemic.

Revenue fell by a fifth to 2.7 billion francs, reflecting in part a divestment last year. Organic revenue declined by 10%, impacted by the pandemic.

SGS said the pandemic first hit operations in China,

which started to be affected in February.

"North East Asia subsequently returned to growth in Q2, supported by a recovery in China, while other regions started to come under pressure. At a group level, the decline reached bottom in April and has since improved," it said.

($1 = 0.9392 Swiss francs)

(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)

((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters Messaging: michael.shields.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

EESO

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More