Thyssenkrupp Reports Loss on Sale of Brazilian Steel Operations
May 12 2017 - 1:29AM
Dow Jones News
By Christopher Alessi
FRANKFURT--German industrial conglomerate Thyssenkrupp AG on
Friday reported a net loss for the second quarter of fiscal year
2017, largely due to the recent sale of its Brazilian steel
operations, while revising its guidance for the full year.
The company said it posted a net loss of 879 million euros
($954.6 million) for the period ended March 31, compared with 61
million euros profit last year.
Thyssenkrupp in February announced plans to sell a Brazilian
steel plant--the last of its steel ventures in the Americas--for
1.26 billion euros ($1.37 billion). But the company had to take a
write-down of 900 million euros at the time, dragging down net
income.
As a result, Thyssenkrupp now expects a "significant" net loss
for fiscal 2017, compared with a previous forecast of a "clear
year-on-year improvement."
However, the company said it expects operating profit to improve
for the full year, with adjusted earnings before interest and taxes
expected to rise to 1.8 billion euros, up from a prior forecast of
1.7 billion euros.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
May 12, 2017 01:14 ET (05:14 GMT)
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