German Steelmaker ThyssenKrupp Posts Net Loss in 2018-19
The net loss of the largest steel producer in Germany ThyssenKrupp AG after taxation for the financial year ended September 30, 2018-2019 amounted to €260 million, which is 22 times more than the loss of €12 million a year earlier, according to the group.
In terms of one ordinary share, the company’s loss for the reporting period amounted to €0.49 against the loss for the previous financial year of €0.1. Adjusted EBIT decreased 1.8 times to €802 million. The sales volume for the year amounted to €41.996 billion, which is 1% more compared to the 2017-2018 financial year.
The company expressed concerns about the forecast for the current 2019-2020 fiscal, as economic and geopolitical uncertainties make clarity about expectations more difficult. According to ThyssenKrupp forecasts, the adjusted EBIT will remain at the level of the completed financial year, and restructuring costs will lead to a higher net loss.
ThyssenKrupp AG is one of Germany’s largest industrial concerns. The company is the world’s largest producer of high alloy steel and metalworking machines.