While overall sales fell 4% in the group's second quarter, those in Europe grew by 45%

While overall sales fell 4% in the group's second quarter, those in Europe grew by 45%

Europe is providing machinery maker Husky with its best sales in what the company expects to be a tough year. Overall sales decreased 4% to US$177.9m (E146.8m) in the second quarter ended 31 January but in Europe sales grew by 45%, with around half the increase due to favourable exchange rates.

Decreases were seen in North America (down 26%), Asia Pacific (down 6%) and Latin America (down 20%). Shipments of PET equipment were weaker in all markets except Europe. During the quarter, Husky received the first orders for its HyPET machines, which are based on the Hylectric platform. By the start of the group’s 2005 fiscal year, the new line will be in full production for all PET applications, replacing the current G-PET platform.

Net income in the second quarter was US$3.7m (E3.05m), compared with US$11.4m (E9.40m) in the same quarter last year. Husky said it expects uncertain market conditions to persist throughout the 2004 calendar year. Nevertheless, Husky president and chief executive officer Robert Schad took encouragement from a strong order book in the second quarter. “Despite continued poor market conditions, orders for the quarter represent a record high, increasing 3% over a strong comparative period last year.”