Flooring Supplier Tarkett Sees Mainly Positive Currency Impact in H1 – Currency Commentary
By Paulo Trevisani
Foreign exchange rates had a mostly positive impact on Tarkett SA’s results in the first half of the year.
The French supplier of flooring products said on Tuesday that its profit before interest and taxes was 30.2 million euros ($ 35.58 million), or 37.9 million euros on a adjusted. Full results will be released on July 29.
Tarkett, which ships flooring products to almost every continent, said exchange rates outside of Commonwealth of Independent States countries had a positive effect of 900,000 euros “because the impact of the depreciating dollar by against the euro and the negative exchange rates in Sweden were fully offset ”in adjusted earnings before interest, taxes, depreciation and amortization.
The company also said that “significant increases in selling prices have been rolled out” in countries using the Russian ruble as a supply, to offset currency depreciation and commodity inflation.
The US dollar rose 3% against the euro from January 1 to June 30, while the krone lost 3.8% against the greenback and rose 0.9% against the euro. The ruble fell 1.2% against the dollar and 4% against the euro in the first six months of the year, according to Tullett Prebon.
Write to Paulo Trevisani at [email protected]
(END) Dow Jones Newswires
July 20, 2021 4:34 p.m. ET (8:34 p.m. GMT)
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