Strong China demand lifts Thyssenkrupp

Advanced Search

The story appears on

Page A9

May 12, 2021

GET this page in PDF

Free for subscribers

View shopping cart

Strong China demand lifts Thyssenkrupp

Source: AFP | 00:11 UTC+8 May 12, 2021 |

Print Edition

German industrial giant Thyssenkrupp raised its annual forecast yesterday and reported a smaller quarterly loss than last year thanks to strong demand from China.

The Essen-based group, which is in the throes of a painful restructuring, is now expecting an adjusted operating profit in the “three-digit million euro range” in the 2020-2021 period after previously predicting it would “almost breakeven.”

Sales are expected to grow “in the low two-digit percentage range,” compared with a previous “single-digit” estimate, but will remain well below pre-pandemic levels, the firm said.

“We made up more ground in the second quarter,” chief executive Martina Merz said.

The company reported a net loss of 211 million euros (US$256 million) for the quarter compared with 948 million for the same period last year.

The long-struggling conglomerate, with around 100,000 staff, last year sold off its lucrative elevator business to fund a turnaround plan.

Business

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Strong China demand lifts Thyssenkrupp

Email this to your friend