DUISBURG (dpa-AFX) - Kloeckner & Co SE (KCO), a producer of steel and metal products, reported Friday second-quarter net loss of 111 million, compared to last year's net income of 28 million euros.
Loss per share was 1.11 euros, compared to earnings per share of 0.28 euro a year ago.
Operating income or EBITDA was negative 61 million euros, compared to positive EBITDA of 82 million euros a year ago.
The company recorded positive EBITDA before material special effects of 11 million euros, spurred by digitalization. This was lower than last year's 51 million euros.
The company has continued to drive its digital transformation and grew the share of sales generated through digital channels at a much faster pace to 38 percent, compared to 29 percent last year.
Looking ahead for the third quarter, EBITDA before material special effects is expected to come to between 15 million euros and 25 million euros.
For fiscal 2020, EBITDA before material special effects is expected between 50 million euros and 70 million euros.
The company is anticipating a substantial decline in steel demand in the relevant key European and US markets for 2020.
Further, the goal of the implemented measures is to achieve an overall improvement in earnings of more than 100 million euros by the end of 2021 and simultaneously increase the share of sales generated via digital channels to over 50 percent.
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