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Forbo Holding H1 profit falls YOY

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Forbo Holding H1 profit falls YOY

Forbo Holding AG said its normalized net income for the first half came to CHF18.95 per share, a decline of 8.5% from CHF20.70 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was CHF35.8 million, a decrease of 15.0% from CHF42.1 million in the year-earlier period.

Total revenue declined 8.0% on an annual basis to CHF554.8 million from CHF603.0 million, and total operating expenses declined 7.6% from the prior-year period to CHF496.9 million from CHF537.7 million.

Reported net income decreased 14.6% from the prior-year period to CHF45.8 million, or CHF24.23 per share, from CHF53.6 million, or CHF26.34 per share.