Denmark's Danfoss sees sales decline in H1

Source: Xinhua| 2020-08-13 00:58:52|Editor: huaxia

COPENHAGEN, Aug. 12 (Xinhua) -- Impacted by COVID-19, sales of Danish industrial giant Danfoss dropped by 10 percent year-on-year in the first half (H1) of 2020, but the company has gained its strength in China with record sales in the second quarter (Q2), according to the company accounts published on Wednesday.

Danfoss sales amounted to 2.9 billion euros (3.42 billion U.S. dollars) in H1, realizing net profit of 164 million euros.

"I am proud of how our teams around the world have handled the difficult situation. We have kept focus on our strategic direction," said Kim Fausing, president and CEO of Danfoss, in a press release.

However, the net profit of H1 still decreased 32 percent over the same period of last year.

Danfoss attributes the decline mainly to the impact of COVID-19 pandemic, which it says still continues to create global volatility and uncertainty.

"Danfoss saw the largest negative impact on sales in April and May, followed by a periodic improvement towards the end of the second quarter," it said.

But the company has seen signs of stabilizing sales in Asia and record sales in China in Q2, according to the press release.

Danfoss, the Denmark-based world-leading cooling and heating system solutions specialist, employs over 28,000 people worldwide. Enditem