UPDATE 2-Profit slips at valve maker Neles but orders on the rise [Reuters]
ALFA-LAVAL AB UNSP/ADR (ALFVY)
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Source: Reuters
HELSINKI, July 23 (Reuters) - Finnish valve maker Neles on Friday reported a slight fall in second-quarter operating profit, missing market expectations, with demand yet to recover fully from the COVID-19 pandemic. The company, which supplies the paper, pulp, oil, and mining industries, is due to be taken over by Finnish engineering firm Valmet, which on Thursday missed profit expectations but reported a 49% rise in order intake. Neles is also seeing rising orders, chief Executive Olli Isotalo told Reuters. He said difficulties in securing shipping containers and routes, the global semiconductor shortage and customers delaying projects had pushed down demand in the second quarter but demand was likely to pick up in the second half of the year. “Our tender activity has increased and we have more concrete negotiations under way,” Isotalo said. Neles said its operating profit fell to 17.3 million euros ($20.4 million) in the second quarter from 17.8 million a year earlier. Analy
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