ThyssenKrupp posts profit in Q1 FY 2009-10 after three quarters of losses

Friday, 12 February 2010 15:31:14 (GMT+3)   |  
       

On February 12, Düsseldorf, Germany-based technology group ThyssenKrupp announced its financial results for the first quarter of fiscal year 2009-10 (FY 2009-10) that ended on December 31, reporting that the group returned to profitability after three quarter of losses with positive earnings in the majority of its business areas.

Accordingly, ThyssenKrupp's profit before taxes was up 30 percent year on year in the quarter in question, increasing to €313 million. The company's sales revenues fell 19 percent to $9.4 billion in the first quarter of FY 2009-10 compared with the same period of the previous fiscal year. ThyssenKrupp's earnings before interest, taxes, depreciation and amortization (EBITDA) of €808 million in the quarter in question was down six percent year on year.

Net financial debt on December 31, 2009 was €2.13 billion, an increase of €71 million compared with September 30, 2009, when net financial debt was €2.06 billion. On December 31, 2008 net financial debt stood at €3.51 million.

Executive board chairman Dr. Ekkehard Schulz commented, "We have confidence that we will reach our earnings goal in the current fiscal year thanks to the rigorous implementation of our cost-reduction and restructuring programs. Our medium-term goal is to achieve sales of €50-60 billion, corresponding to earnings before taxes of over €4 billion. We have shown in the past that we can reach these levels of sales and earnings."


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