Oerlikon sees 2011 profit, shares rise 6 pct

* Oerlikon posts H1 net loss, narrower than year earlier

* Oerlikon CEO sees return to profit in 2011

* Shares rise 6 percent, outperform market

ZURICH, Aug 17 (BestGrowthStock) – Loss-making Swiss technology
group Oerlikon said it would return to profit next year, sending
shares higher.

The company, in which Russian oligarch Viktor Vekselberg
holds a major stake, posted a first-half net loss of 50 million
Swiss francs, compared with a loss of 99 million a year earlier.

The results were the company’s first under new chief
executive Michael Buscher, who is overhauling the company’s
business.

“In the second half of the year we will be profitable before
restructuring costs and next year also at a group level,”
Buscher told Reuters.

At 0754 GMT shares in the company, which have lost more than
half their value in the past year, were up 6 percent at 4.41
francs, outperforming a 0.5 percent rise in the Swiss midcap
index.

Oerlikon, which makes the coatings used in Formula One
racing cars and machines used to make solar cells, carried out a
1 billion franc rights issue earlier this year as part of a debt
restructuring scheme.

“We welcome the clear strategic message regarding the
group’s business portfolio and segment structure, as well as the
focus on profitability rather than growth,” said Vontobel
analyst Michael Foeth.

The company, founded more than 100 years ago, had to
renegotiate a 2.5 billion franc syndicated loan it took to
refinance the purchase of car parts and machinery maker Saurer
in 2006 and also suffered a sharp drop in orders during the
global recession.
(Reporting by Oliver Hirt, writing by Catherine Bosley; Editing
by Jon Loades-Carter)

Oerlikon sees 2011 profit, shares rise 6 pct