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Thyssenkrupp ploughs deeper into loss in 2018-19

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Frankfurt am Main: Troubled German industrial conglomerate Thyssenkrupp on Thursday reported it ground deeper into the red in its 2018-19 fiscal year, with more pain ahead from a hefty restructuring plan.


The group, a sprawling behemoth that makes products from raw steel to submarines, elevators and car parts, booked a net loss of 304 million euros ($337 million) in the year to September.


That loss was five times worse than in its previous fiscal year.


Operating, or underlying profit fell 71 per cent, to 272 million euros, although revenues grew one per cent to almost 42 billion — making for an operating margin of just 0.6 per cent.


“The performance of many of our businesses is not satisfying,” chief executive Martina Merz said in a statement.


“This is also due to the fact that necessary structural improvements and restructuring measures were not implemented with the necessary consequence. We will now tackle this,” she added.


Merz, former head of the supervisory board, stepped in as CEO in September after a round of musical chairs at the top of Thyssenkrupp prompted by its business woes.— AFP


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