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Lower costs help Thyssenkrupp offset Industrial Solutions loss

Reuters  |  FRANKFURT 

By Christoph SteitzFRANKFURT (Reuters) - Higher cost savings and lower IT spending masked a surprise loss at Thyssenkrupp's struggling Industrial Solutions business, which engineers plants and builds ships and has suffered from slowing demand and low-margin orders.The steel-to-submarines group posted adjusted operating profit of 500 million euros ($596 million) for the second quarter, in line with analyst forecasts. Its Industrial Solutions unit swung to a 23 million euro loss, while analysts expected a 20 million profit.Lower corporate costs, which has been a key issue for some of ...

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First Published: Tue, May 15 2018. 12:43 IST