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ThyssenKrupp back in the black

November 20, 2014

German heavy engineering giant ThyssenKrupp has left behind painful years of loss-making. The company managed to log a sound profit in its 2013/2014 business year, but structural woes continue to haunt it.

https://p.dw.com/p/1DqZS
ThyssenKrupp headquarters in Essen, Germany
Image: Reuters

ThyssenKrupp reported Thursday it booked a bottom-line profit of 195 million euros ($245 million) for its business year from October 2013 to the end of September 2014, compared with a loss of 1.436 billion euros in the previous fiscal year. Including profit from minority stakes, the firm's net income amounted to 210 million euros.

"For the first time in three years, our industrial and technology group has generated net earnings," the Essen-based company said in a statement.

Chief Executive Heinrich Hiesinger said the group would not let up in its current restructuring efforts to make it more competitive.

"That applies to our efficiency program as well as our operating performance," he explained.

Symbolic gesture to shareholders

Underlying, pre-tax earnings came in at 1.333 billion euros, with the firm also reporting a 7 percent increase in new orders.

With the company back in the black, it announced it would resume dividend payments to shareholders, proposing a 0.11 euros-per-share award for investors.

ThyssenKrupp CEO sees engineering future

"We are aware that this proposal is no more than a signal to our shareholders," Hiesinger said.

ThyssenKrupp employs 160,000 people worldwide - 100,000 of them abroad. One of the firm's major problems is the unprofitability of its steel mill in Brazil which has been able to reduce losses of late. Hiesinger insisted, though, the company was still serious about plans to sell it.

hg/cjc (dpa, AP)