Finnish sports equipment maker Amer Sports Q2 net loss doubles to euro23 million

Amer Sports Q2 loss doubles to euro23 million

HELSINKI — Global sports equipment maker Amer Sports Corp., whose brands include Atomic, Salomon and Wilson, on Thursday reported its net loss doubled in the second quarter to euro23 million ($33 million) and cautioned that trading conditions would remain tough for the rest of the year.

The company’s net loss in April through June swelled from last year’s equivalent of euro11.4 million, as revenue inched down to euro284.7 million from euro285.1 million.

Amer Sports stock closed down 3.6 percent at euro6.70 ($9.63) on the Helsinki Stock Exchange.

“It’s evident that in the current challenging times, we have to continue to adjust our structure in order to protect our bottom line,” chief executive Roger Talermo said. “Our key priority in 2009 is on strengthening our balance sheet, and in order to achieve this we are ready to consider all necessary measures.”

Talermo gave no details but recently the company has reorganized units in a drive to improve efficiency. Amer said it will continue with that strategy.

Amer said its full-year performance will be below last year’s level as market conditions “remain challenging.”

Formerly Finland’s largest cigarette maker, Amer sold its tobacco operations in 2004 to focus on fitness and sports equipment. It has divested noncore assets and bought several sports equipment makers, including California-based Fitness Products International and Sparks, Nevada-based ATEC, a leading maker of baseball and softball pitching machines.

Based in Helsinki, Amer Sports employs 6,400 people — up from 6,300 a year earlier. The increase was mainly due to the acquisition of a Bulgarian production unit last year.

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On the Net:

Amer: www.amersports.com