8/9/2018, 7:41 AM (Source: TeleTrader)
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ThyssenKrupp loses €131 million in third quarter

An annual rise in sales of 7% in the three months through June to €11.12 billion failed to get ThyssenKrupp AG's bottom line to positive ground. On Thursday, the company said it halved earnings before interest and tax, or EBIT, to €243 million. Attributable net loss, excluding Steel Americas, came in at €131 million or €0.21 per share compared to profit of €254 million, translating to €0.45 per share, from the previous equivalent period.

The closely tracked order intake item jumped 7% to €10.89 billion. The group posted a €216 million EBIT loss in industrial solutions, due to one-off €200 million expenditures. Adjusted EBIT was €332 million or 36% lower year on year.

"We now have to focus on what we have in our own hands... If we work hard at it, we will be able to generate an annual cash flow of at least €1 billion from fiscal year 2020/2021," said Guido Kerkhoff, the steelmaker's chairman of the executive board, and acknowledged dissatisfaction, particularly with the cash flow. It remained in the negative, at €199 million, though 50% less than in the third fiscal quarter of 2017, or at €1.59 billion for the first nine months, €597 million less on an annual scale.

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