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Geberit says construction market still tough as second-quarter sales fall

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Geberit says construction market still tough as second-quarter sales fall
FILE PHOTO: A logo of Swiss sanitary products company Geberit is seen during a news conference to present the company's annual results, in Zurich, Switzerland, March 13, 2018. REUTERS/Moritz Hager   -   Copyright  MORITZ HAGER(Reuters)
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ZURICH (Reuters) – Geberit <GEBN.S> said it still expects the construction market to remain tough for the rest of the year after the plumbing supplies company posted a 1.3% fall in sales during its second quarter.

The company, which makes piping and bathroom products for new build and renovation projects, said its revenue fell to 797 million Swiss francs ($819.03 million), matching analyst forecasts. Net income rose 1.1% to 173 million francs, also meeting expectations.

For 2019 as a whole, the Swiss company said it expects currency-adjusted sales growth of 3% to 4% and an operating cashflow margin of 28% to 29%.

(Reporting by John Revill)

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