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ZURICH, Jan 14 (Reuters) - Geberit became the latest Swiss company to be hit by the surge in value of the Swiss franc during 2020, with the plumbing supplies maker reporting on Thursday how the rise in the safe-haven currency during the COVID-19 crisis cancelled out higher sales in other currencies.
The problem is expected to hit other Swiss companies such as foodmaker Nestle and pharmaceuticals firm Roche , which generate most of their revenue abroad but whose reporting currency is the turbo-charged franc.
During 2020 the franc appreciated 3.7% against the euro and 12% against the dollar on average, causing a headache for Swiss companies with their biggest sales in the euro zone and particularly the United States.
By Reuters Staff
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Jan 11 (Reuters) - SIG Plc said on Monday it expects losses for 2020 to be at the “better end” of its expectations and that it could return to profitability in the second half of 2021, as the building materials supplier recovers from a COVID-19 pandemic-led slump.
SIG, which supplies roofing and insulation materials in Britain, France, Germany and Ireland, among others, said its UK and French businesses witnessed solid demand for renovation, maintenance and improvement during the pandemic.
Britain’s construction sector extended its robust recovery from a COVID-19-related lockdown early in December, a survey showed last week, with housing being the biggest driver of construction growth.