UPDATE 1-Profit slips at valve maker Neles in slow demand recovery [Reuters]
ALFA-LAVAL AB UNSP/ADR (ALFVY)
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Source: Reuters
profit, missing market expectations, with demand yet to recover fully from the COVID-19 pandemic. The company, which supplies the paper, pulp and mining industries, said operating profit fell to 17.3 million euros ($20.4 million) from 17.8 million a year earlier. Analysts had expected operating profit of 21 million euros, Refinitiv data shows. “Challenges in global logistics, availability of electronic components and customers delaying ongoing project execution postponed sales to the second half,” the company said in a statement. Order intake grew 16% to 151.3 million euros while quarterly sales remained stable. Neles shares were down 0.3% at 13.37 euros when the Helsinki stock exchange opened at 0700 GMT. Shares in Neles have been buoyed since rival Valmet said early this month that it will take full ownership of Neles, having raised its stake to 30% after Swedish competitor Alfa Laval failed to win shareholder approval for its takeover offer. Valmet on Thursday posted op
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