Swiss industrial group Sulzer reported a fall in net income for 2003 to CHF41 million, which is half the previous year's figure.
Sulzer, which produces machines and production systems for the aerospace, water and energy industries, said the drop had been expected.
However these results were significantly better than expected. Analysts had forecast a net profit of about CHF27 million.
The Winterthur-based group had said that it...