Thyssenkrupp swings to loss on industrial woes

Frankfurt am Main: German conglomerate Thyssenkrupp, grappling with a leadership crisis and investor calls for a major revamp, reported a quarterly loss as cost overruns in its industrial unit weighed on the bottom line.
The Essen-based group said it booked a net loss of 131 million euros ($151 million) in the third quarter of its financial year, after seeing a 120-million-euro profit over the same period a year earlier.
Thyssenkrupp, which makes everything from elevators and submarines to car parts, already announced last week it was slightly lowering its 2018 outlook because of slower sales and higher than expected costs in its industrial solutions division.
Among the projects causing headaches were a marine project in Turkey, a cement plant in Saudi Arabia and a biofuel power plant in Australia, it said. — AFP