Thyssenkrupp Swung to Loss in 2Q
May 14 2019 - 1:38AM
Dow Jones News
By Nathan Allen
Thyssenkrupp AG (TKA.XE) said Tuesday that it swung to a loss in
the second quarter of its fiscal year, as the global economic
slowdown hit its capital-goods units and low steel prices weighed
on its steelmaking activities.
The German conglomerate posted a net loss of 99 million euros
($111.2 million) compared with a profit of EUR253 million a year
earlier.
The group's Steel Europe division posted an operating loss of
EUR118 million, while its Industrial Solutions division had an
operating loss of EUR30 million.
Sales edged up to EUR10.64 billion from EUR10.44 billion, the
company said.
Last week Thyssenkrupp presented an abrupt change in strategy,
abandoning plans to split its operations into two separate
companies and opting instead to spin off and list its elevators
division.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 14, 2019 01:23 ET (05:23 GMT)
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