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16. 03. 10. - 16:00

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16. 03. 10. - 16:00

Zumtobel reports worse results

Vorarlberg lighting firm Zumtobel has reported worse results for the first three quarters of its 2009/2010 business year (1 May to 30 April).

The firm said today (Tues) its earnings before interest and taxes (Ebit) had declined by 22.9 per cent year on year to 48.3 million Euros during that period. Analysts had expected a decline of only 15.7 per cent.

Turnover fell by 8.1 per cent to 827.3 million Euros, whereas analysts had foreseen a drop of 9.4 per cent. The firm said the fall in turnover would have been only 7.0 per cent if figures were adjusted for negative currency-exchange effects.

The firm said its cost-cutting and increased efficiency programme started in autumn 2008 had resulted in savings of 59 million Euros, more than half of the hoped for 100 million Euros by the end of its 2010/2011 business year.

Firm chief Andreas Ludwig said there had been positive signals about market stabilisation and added that the cost-cutting programme had put Zumtobel on a "stable financial basis" and raised its productivity.

Austrian Times

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