BIELEFELD (dpa-AFX) - DMG Mori (MRSKY), a German manufacturer of cutting machine tools, reported that its fourth-quarter earnings after taxes dropped to 15.4 million euros from 47.1 million euros in the previous year.
EBIT were 28.3 million euros down from 67.3 million euros in the previous year.
Sales revenues for the fourth-quarter declined to 526.0 million euros from 808.9 million euros in the prior year. Quarterly order intake was 411.6 million euros down from 554.7 million euros in the previous year.
Demand for machine tools in 2020 declined significantly due to the already weak global economy and rapid spread of the corona virus.
Global machine tool consumption is expected to recover slowly in 2021 after the sharp decline in 2020. The German Machine Tool Builders' Association and the British economic research institute Oxford Economics forecast growth of 17.7% to 64.9 billion euros compared to last year. However, it cannot be excluded that those forecasts will have to be adjusted during the year due to the continuing global uncertainties and the corona pandemic including virus mutations, the company said.
Copyright RTT News/dpa-AFX