Zurich, Switzerland, Oct. 31--For the third consecutive time, Forbo has reached a better quarterly result than in the previous quarter. This means that the firm has nearly erased its mid-year loss. In the third quarter, Forbo recorded sales of 417.2 million Swiss Francs (CHF), a 22.7% increase that does not include the carpet business sold by the firm in October 2001. The reason for this increase was the acquisition of the Swift adhesives business in April. The operating profit (EBIT) in the third quarter was 29.6 million Swiss Francs. The operating profit for the first nine months was CHF 74.0 million (previous year 74.3 million Swiss Francs) which reflects a CHF 3.6 million decrease from currencies translation into the strong Swiss Franc. Consolidated profit reached CHF 40.2 million, CHF 3.4 million below the corresponding period of the previous year. At mid-year, the difference was still CHF 8.6 million.
Forbo had sales of CHF 417.2 million in the third quarter, an increase of 27.4% in local currencies (22.7% in Swiss Francs) excluding the carpet business. Swift accounted for CHF 88.9 million in adhesive sales. Without considering this acquisition, sales in local currencies were 0.6% higher. The operating profit (EBIT) in the third quarter was CHF 29.6 million. Without Swift, the operating profit was CHF 22.9 million, or CHF 3.2 million above the third quarter of the previous year.
In the first nine months, the Forbo Group had sales of CHF 1.14 billion, including CHF 163.9 million from Swift. Without the carpet business, this amounts to a 9.7% increase. Not considering the Swift business, sales of CHF 975.2 million decreased by 2.0% in local currency and by 6.1% in Swiss francs compared with the corresponding period last year.
Linoleum sales decreased slightly in key European markets, following the general economic trend. This applies particularly to Germany, Sweden, and Switzerland. The further expansion in the U.S. is very positive. In the vinyl business, the upward trend continues in eastern Europe and in Asia. In contrast, sales declined in France, Switzerland, and in the Benelux countries, and notably in the difficult German market.
