Maribor, 22 June (STA) - Weiler Abrasives, the maker of abrasives until recently known as SwatyComet, saw sales decline by 2% last year to EUR 81 million. Net profit, at EUR 2.9 million, dropped by nearly half.
The company, which has production locations in Maribor, Zreče and Loče, said 2018 had been a year of political and economic changes on some of its key markets, including Turkey, the Middle East and Argentina.
On the other hand, business was brisk in Western Europe and North Africa, shows the company's annual report filed with AJPES, the agency for public records.
The company expects sales and profit to decline further this year. Former director Matjaž Merkan, who left the company in March, said in autumn that increasing the sale of products with high value added was more important than headline sales.
The company used to be known as SwatyComet but has been renamed Weiler Abrasives after its US parent company, which acquired it in 2015.