Forbo Doubles Group Profit, Flooring Sales Rise

Baar, Switzerland, Aug. 17, 2010–The Forbo Group said it doubled its group profit from operations in the first half of 2010 to $56.4 million.

In addition, Forbo said it generated extraordinary income of $30.9 million after tax from the sale of Rieter shares.

Net sales $882.4 million, which is equivalent to growth in local currencies of 6.2% compared with the previous year period.

Forbo also said it increased its operating profit $80.6 million, representing an increase of 79.7%.

The Flooring Systems unit posted sales growth of 1.5% in local currencies to $431.3 million.

“A solid uptrend especially in markets such as Switzerland, America, and Eastern Europe was offset by weaker demand in the Netherlands and in France,” according to a company press release.