Finnish mining tools manufacturer, Metso Outotec said in its H1/Q2 report that it expects market demand to remain the same, and possibly decline in the face of the COVID-19 pandemic. 

 

The company reported that orders were heavily affected by the pandemic in May with most mine operations shut globally. However, market demand for its tools and services has recovered in June.

 

In H1 2020, Metso Outotec’s sales grew 2pc to €1.44bn($1.7bn) from €1.41bn in H1 2019. In the second quarter as well, sales were up by 2pc at €751mn from €735mn in Q2 2019. 

 

Metso received orders worth €1.63bn in the first six months of 2020, growing 7pc from €1.52bn in the prior-year period. In Q2 2020, order intake went up by 8.2pc to €762mn from €704mn in the same quarter last year. 

 

The company’s adjusted EBITA rose by 7pc to €194mn in January-June, over €181mn in H1 2019. In Q2 2020, adjusted EBITA surged by 29pc to €121mn from €94mn in the same period in the previous year. 

Leave a Reply

Your email address will not be published.