Thyssenkrupp posts FY revenue of €42B, up 1% YoY

Thursday, 21. November 2019 07:06

German industrial company Thyssenkrupp AG said on Thursday that it booked revenues of €42 billion in its fiscal 2019, ending September 30, which is 1% higher than in the fiscal year before. Earnings before interest and taxes (EBIT) stood at €272 million, diving 71% annually.

The steel manufacturer posted loss before tax at €83 million, while in fiscal 2018 it was €561 million in the positive. Loss per share also fell to €0.49 from €0.10 a year ago, the financial release showed. Free cash flow was million €1.26 billion in the negative for the last reported period, after a more modest loss of €115 million in fiscal 2018.

"The performance of many of our businesses is not satisfying. 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. Swiftly and systematically," noted CEO Martina Merz.

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