Arab Today, arab today thyssenkrupp lifts profits in 3q
Last Updated : GMT 20:02:43
Arab Today, arab today
Arab Today, arab today

ThyssenKrupp lifts profits in 3Q

Arab Today, arab today

Arab Today, arab today ThyssenKrupp lifts profits in 3Q

Frankfurt - AFP

German industrial giant ThyssenKrupp said Friday windfall gains from divestments lifted earnings in the third quarter, even as orders and revenues were hit by weakening demand due to the crisis. ThyssenKrupp, which operates its business year from October to September, said in a statement it booked net profit of 238 million euros ($292 million) in the three months to June. That represented an increase of 16 percent over the year-earlier period. At the same time, sales slipped by 7.0 percent to 10.71 billion euros and orders slumped 21 percent to 10.231 billion euros. ThyssenKrupp -- which alongside steel also makes elevators, industrial plant technology and car parts -- said that orders and sales in its materials businesses such as steel were \"down due to the weak market environment\". By contrast, its capital goods businesses, such as industrial plant technology, continued to perform robustly. The rise in bottom-line earnings was due in part to the sale of its US iron foundry Waupaca, ThyssenKrupp explained.

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