BERLIN, Oct. 20 (Xinhua) -- The revenues of German ceramics manufacturer Villeroy & Boch increased by 6.8 percent year-on-year in the third quarter (Q3) of 2020 to 208 million euros (246 million U.S. dollars), the company said on Tuesday.
Villeroy & Boch said it had managed to reduce the 13.4 percent deficit registered in the first half of the year to minus 6.7 percent for the first three quarters.
"This was thanks to significantly improved revenue development in the third quarter as well as the savings generated through stringent cost management," the company noted.
However, due to the slump in demand caused by the COVID-19 crisis as well as to plant shutdowns and cutbacks in the second quarter, the company's EBIT (earnings before interest and taxes) in the first nine months was still 12 million euros below the previous year's result.
Business in the second quarter proved "particularly difficult" in countries with tougher lockdown measures, including China, a Villeroy & Boch spokesperson told Xinhua on Tuesday. However, the successive easing of restrictions on economic and social life has led to a "faster recovery of the economic situation than expected."
"In light of the encouraging recovery in our business in the summer months, we are raising our forecast for the 2020 financial year substantially," said Frank Goering, chief executive officer (CEO) of Villeroy & Boch.
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