thyssenkrupp: loss widens on coronavirus impact
(CercleFinance.com) - thyssenkrupp reported a hefty net loss for the first half of its 2019/2020 fiscal year, warning that the coronavirus pandemic presented "enormous" challenges.
The German steelmaker and industrial conglomerate posted a 1.3 billion euro net loss for the three months through March, compared with a net loss of 93 million euris in the same period a year ago.
In particular, the weak automotive market, as well as price and volume losses in the materials businesses had a negative impact on performance, the group said.
Sales fell by 4% to 15.9 billion euros.
The divestment of its elevator unit is expected to be closed by the end of fiscal year 2019/2020, thyssen said, with it having already received 8 required antitrust approvals out of 13.
However, the company warned that its adjusted EBIT from continuing operations is expected to be "strongly negative" in financial year 2019/2020.
The Frankfurt-listed shares were down over 12% after this report.
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