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Pfeiffer Vacuum H1 Profit, Sales Decline

Pfeiffer Vacuum Technology (PFFVF.PK,PVTCY.PK), a manufacturer of vacuum solutions, Tuesday reported nearly 42 percent decline in its net profit for the half year, as sales slid by 3.0 percent, affected by Covid-19 as well as global recession.

The Group's net income for the quarter declined by 41.9 percent to 13.5 million euros, and earnings per share also decreased by 41.9 percent to 1.37 euros.

The operating result or EBIT fell by 40.5 percent to 19.5 million euros, and EBIT margin reached 6.5 percent versus 10.6 percent last year. The year-on-year decline in EBIT was attributed to lower sales, productivity losses through
COVID-19 and to changes in sales mix.

For the first half, the Group's sales slid by 3.0 percent to 301.9 million euros, primarily due to lower sales in the coating, analytics, industry and R&D markets, offset by a strong performance in the semiconductor market.

Looking ahead, the Group said it is unable to make a reliable forecast due to the impact of Covid-19 on the global economy, and that it does not expect improvements in sales or operating results in the second half of 2020.

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