HUSKY
Further decrease in sales / Still in the red despite improvement / Order situation picks up
With sales down 9% from USD 640m to USD 581m in the 2001/2002 (31.7.) financial year, the injection moulding company Husky Injection Molding Systems (Bolton, Ontario, Canada; www.husky.ca), suffered a serious decline for the second year in a row (PIE 21, 2001). Although gross profit rose to USD 119m (115m) due to improved productivity, the EBITDA fell to USD 39m (49m). The net loss increased to USD 12.5m (- 7.8m).
Apart from Latin America, which was basically stable, all the markets declined. In North America, sales fell further from USD 275m to 252m, in Asia from USD 95m to 89m. This year it was Europe (Husky HQ: L-3403 Dudelange) that topped the list in terms of negative development, recording a drop of 15% to USD 166m (196m). Describing the European situation, Husky said the order situation had been very weak indeed at the beginning of the financial year, and the slump had continued throughout the year, not only in PET technology, but in all user markets.
Now, after two poor years, Husky sees a glint of hope on the horizon with an improvement in the order situation. On July 1, 2002, the order books stood at USD 292m, which is a distinct improvement on the situation a year previously (USD 179m). In the last quarter of the financial year alone, orders had been received with a value of USD 205m (137m). Apart from increases in North America, the order situation in Europe also picked up, above all through PET investment in central and eastern Europe.
• e-Service:
Detailed Husky press release with tables on the last quarter and financial year 2001/2002 as PDF document (19 KB)
Apart from Latin America, which was basically stable, all the markets declined. In North America, sales fell further from USD 275m to 252m, in Asia from USD 95m to 89m. This year it was Europe (Husky HQ: L-3403 Dudelange) that topped the list in terms of negative development, recording a drop of 15% to USD 166m (196m). Describing the European situation, Husky said the order situation had been very weak indeed at the beginning of the financial year, and the slump had continued throughout the year, not only in PET technology, but in all user markets.
Now, after two poor years, Husky sees a glint of hope on the horizon with an improvement in the order situation. On July 1, 2002, the order books stood at USD 292m, which is a distinct improvement on the situation a year previously (USD 179m). In the last quarter of the financial year alone, orders had been received with a value of USD 205m (137m). Apart from increases in North America, the order situation in Europe also picked up, above all through PET investment in central and eastern Europe.
• e-Service:
Detailed Husky press release with tables on the last quarter and financial year 2001/2002 as PDF document (19 KB)
17.10.2002 Plasteurope.com [15514]
Published on 17.10.2002