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Thyssenkrup reports 364 mn euros loss in October-December quarter

On its sales, the company said that even in a difficult economic environment its sales were virtually stable at 9.7 billion euro in the first three months of the current fiscal even.

Press Trust of India  |  New Delhi 

Thyssenkrupp
A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen (Photo: Reuters)

German steel maker on Thursday posted a net loss of 364 million euros for October-December due to increased interest expenses for financial debt and one-time expenses in connection with the elevator division which it seeks to sell.

The company, which follows October to September financial year, had clocked a 68 million euro loss for the same period a year ago, said in a statement.

The company said it expects to take a decision of sale of its elevator business soon. The elevator arm of the steel maker, Elevator India, is major player in the country.

On its sales, the company said that even in a difficult economic environment its sales were virtually stable at 9.7 billion euro in the first three months of the current fiscal even.

"This is also reflected in order intake, which was 4 per cent lower overall at 9.7 billion euro," it said.

The elevator technology business booked orders worth 2.2 billion euros in the past quarter mainly resulting from new installations and modernization business in the US.

thyssenkrupp AG CEO Martina Merz said, "The latest figures are not great. But we are convinced that we are on the right track. A decision on the elevator transaction is imminent, the negotiations with codetermination representatives on the steel strategy are making progress, and we are improving our performance. We are moving in the right direction.

First Published: Thu, February 13 2020. 22:36 IST
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