WERDOHL (dpa-AFX) - German transport services firm Vossloh Group (VOSSF.PK) reported that its earnings before interest and taxes or EBIT from continuing operations for the first nine months of 2016 rose to 34.7 million euros from 29.7 million euros last year. EBIT margin grew to 5.2 percent from 4.3 percent last year.
However, sales from continuing operations, not including the Electrical Systems business unit, declined 4.3 percent for the nine-month period to 664.1 million euros from 694.3 million euros a year ago.
As of September 30, 2016, Vossloh has presented the Electrical Systems business unit as 'discontinued operations'. As a result of the advanced stage of negotiations on the sale of the business unit, the company's executive board assumes a sale will take place in the coming months.
As of September 30, based on the current status of negotiations, an impairment loss of about 9 million euros was incurred on the carrying amount of the Electrical Systems business unit. Vossloh currently expects a net cash inflow in the low to middle double-digit million range from the sale of the business unit.
Copyright RTT News/dpa-AFX