Steiner: Sales down, but order backlog at record level
The Steiner Group suffered a significant decline in sales in the financial year ending in March. Sales shrank from CHF 854.5 million in the previous year to CHF 651.3 million. The operating result fell from CHF 8.3 million to CHF 4.8 million.
The real estate developer cites externally influenced delays in the start of various major projects as one of the reasons for the lower turnover. "Due to the late cyclical order intake in the previous year, we had - as announced - expected a slightly lower result for the 2015/2016 financial year. We firmly believe that we will be able to make up for this decline in volume in the coming months and match the previous year's sales volume," explained Steiner CFO Ajay Sirohi.
At around CHF 1.32 billion, the order backlog is at a record level and almost 20 percent above the previous year's figure, as the company announced. Steiner had also secured additional projects worth CHF 703 million at the end of the 2015/2016 financial year, which corresponds to an increase of more than 17% compared to the previous year. (ah)
