(Adds analyst comment, downgrade, shares)
ZURICH, Jan 21 (Reuters) - Swiss textile machinery and car parts firm Saurer said on Wednesday 2003 orders fell one percent to 2.6 billion Swiss francs ($2.1 billion), knocking 536870913 its shares down more than four percent.
Sales rose six percent to 2.64 billion Swiss francs. Analysts had on average forecast orders at 2.72 billion francs and sales of2.57 billion.
Bank Sarasin cut its recommendation for shares in Saurer to "neutral" from "buy" following the results.
The stock fell 4.7 percent to 58.15 Swiss francs by 0920 GMT. Saurer said the rise in sales was largely due to increased demand at synthetic fibre plants in Asia.
"We anticipate an increase of business in the synthetic fibre section this year," the firm said in a statement.
Analysts at AKB were cheered by a pickup in the firm's synthetic fibre unit, which they said should lead to higher margins.
In Saurer's textile division, 2003 orders fell two percent to 1.87 billion francs and sales rose eight percent to 1.93 billion. In October, Saurer said it foresaw a clear improvement i 1847603760
The firm, which had 2002 net profit of 48.6 million francs andearnings before interest and taxes (EBIT) of 101.3 million, will report 2003 earnings on March 18.