DUISBURG (dpa-AFX) - ThyssenKrupp AG (TYEKF.PK), the German industrial engineering and steel major, on Tuesday registered a narrower net loss for the full year, despite a decline in sales due to weak market conditions.
For the full year to September 30, the company recorded a net loss of 1.4 billion euros, compared with a loss of 2 billion euros of last year. The negative figure is mainly attributable to asset impairments totaling some 1.2 billion euros. Most of these had to be recognized by Steel Europe of around 1 billion euros, Materials Services and Automotive Technology.
Excluding items, EBIT stood at 567 million euros, lower than previous year's 703 million euros.
The company noted that Materials Services and Marine Systems improved their contributions to earnings year-on-year, but the difficult market situation had a notable impact at Steel Europe and Automotive Technology especially.
Order intake declined to 32.8 billion euros from previous year's 37.1 billion euros.
The Group recorded sales of 35 billion euros, lower than 37.5 billion euros a year ago. This was mainly attributable to weaker demand and lower prices at Materials Services and Steel Europe.
The company will pay a dividend of 0.15 euro per share, for the fiscal 2023-24.
Looking ahead, for the full year, ThyssenKrupp expects net profit of 100 million euros to 500 million euros, with adjusted EBIT of 600 million euros to 1 billion euros.
The Group projects its annual sales to rise by 0 percent to 3 percent, helped by increases at Automotive Technology, Materials Services and Steel Europe, resulting from factors including an expected stabilization in demand in the second half.
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