ots Ad hoc-Service: Vossloh AG <DE0007667107> Business by Vossloh during the first four months well above budget
Werdohl (ots Ad hoc-Service) -
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Outlook for the year as a whole bright
During the first four months of the current fiscal year the Vossloh Group is well above expectations in terms of sales and profit, the former reaching Euro 251.4 million, some 4 percent above budget and around 2 percent higher than in the previous year (Euro 247.3 million). Though down by about Euro 5 million from the year-earlier Euro 24 million (due to the Lighting division's restructuring expenses), EBIT of Euro 18.7 million is nonetheless approximately Euro 7 million above the budgeted level.
The Railway & Transport division failed to match the previous year's sales of Euro 173.5 million for the period due to the present austerity drive by Deutsche Bahn regarding infrastructure investments, and posted total sales of Euro 156.9 million. Hence, EBIT, too, at Euro 15.4 million was down from the year earlier's Euro 17.8 million, albeit still a good 60 percent over budget.
The Lighting division lifted its sales during the first four months to Euro 94.3 million (up around 28 percent over the previous year's Euro 73.7 million and about 25 percent better than budget). Despite ongoing restructuring expenses incurred by this division, EBIT came to Euro 6.5 million, only Euro 1.1 million below the year before, yet 23 percent in excess of budget, in all a definite sign that the action taken is bearing fruit.
For fiscal 2000 as whole, the Vossloh Group is expecting a clear rise in sales to Euro 820 million (from Euro 790.1 million). This compares with a budgeted Euro 800 million. Group EBT is likely to grow around 25 percent to Euro 52.0 million. Group net income is set to improve by 33 percent from Euro 17.7 million to Euro 23.6 million, which translates into earnings per share of Euro 1.64 (up from Euro 1.23).
Vossloh AG's stockholders are convening for their annual meeting in Düsseldorf today. Kick-off is 10.30 AM.
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