COPENGHAGEN, Denmark –Danish pump company Grundfos has attributed an increase in net turnover to growth in the China and Russian markets.
In its half-year financial results for 2017, net turnover increased by 5.8 percent - DKK 12.2 billion (US$1.9bn) compared to DKK 11.6 billion (US$1.8bn) in first half of 2016.
Earnings before interest and tax (EBIT) increased by 26.9 percent compared to first half of 2016, from DKK824 million (US$132.3m) to DKK 1,046 million (US$168m).
The company said that China and Russia are among the countries which show the strongest growth, but several markets including Southern Europe, Middle East and Latin America also develop very positively.
This is a changein position from earlier in the year when Grundfos reported in its financial results that Russia and the Middle East suffered from low levels of activity as a result of low oil prices.
Mads Nipper, CEO of Grundfos, said: “We are still operating in unpredictable and challenging markets, so we have to fight hard to deliver further improved results in the second half.”
He added that the company plans to leverage “digitalization to create even more value adding products, services and solutions for our customers”.
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