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SGS first-half profit more than halves as sales drop

Reuters
·1-min read

ZURICH (Reuters) - Swiss inspections group SGS SA's <SGSN.S> first-half profit attributable to shareholders fell 55% to 171 million Swiss francs (143.86 million pounds), it said on Tuesday while withdrawing its full-year guidance due to the coronavirus pandemic.

Revenue fell by a fifth to 2.7 billion francs, reflecting in part a divestment last year. Organic revenue declined by 10%, impacted by the pandemic.

SGS said the pandemic first hit operations in China,

which started to be affected in February.

"North East Asia subsequently returned to growth in Q2, supported by a recovery in China, while other regions started to come under pressure. At a group level, the decline reached bottom in April and has since improved," it said.

(Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)