Swiss Rieter seeks to reassure on Turkey impact
10/08/2018 11:37
ZURICH, Aug 10 (Reuters) - Swiss textile machinery company
Rieter Holding RIEN.S moved to reassure investors on Friday
over its exposure to Turkey, one of its most important markets
that is going through a currency crisis. urn:newsml:reuters.com:*:nL5N1V12A6
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)
((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))