Zurich, Switzerland – FoamPartner's revenue in the third quarter in China was higher in 2020 than in 2019, according to its parent company, Conzzeta, in its interim third quarter results.
The chemical specialties results comprise those from FoamPartner, and also several months from Schmid Rhymer, which was divested in February.
Sales in the first nine months of 2020 were CHF189.4m compared with CHF265.4m in the same period last year. This is a fall of 14.8%, once the sale of Schmid Rhymer and exchange rates are considered.
Looking across the company, sales were CHF905m in the first nine months of 2020. In the same period last year, that number was CHF1.1bn. Allowing for the changes in consolidation and currency effects, this is a fall of 11.8% on the period in 2019, less than the 16.8% posted at the half year. Conzzeta said that this is a result of the acceleration in customer activity compared to the pandemic-hit first half of the year.
However, despite the cash gain from the sale of Schmid Rhyner, the company said it expects its operating result will be in the mid-double digit millions of CHF, with substantially lower net revenue compared to the previous year.
Conzzeta is still proceeding with the disposal of FoamPartner and its outdoor clothing business to concentrate on metal processing.