Polytec is still in the red. After the plastics processor had booked a minus of 2.2 million euros in 2022, the half-year result of the car supplier from Upper Austria is also in the red: the result after tax is a loss of 3.7 million euros.
In the medium and long term, we see ourselves strategically very well positioned to translate the change in the automotive sector into increasing economic success, says the Polytec Group in its 2023 half-year results publication.
However, the company headed by Markus Huemer and headquartered in Hörsching (Upper Austria) is still in the red: Although sales rose to 339.6 million euros in the first six months, profit after tax fell to minus 3 .7 million euros.
There are many positive developments compared to the previous financial year: customer cancellations have also improved considerably. With regard to the automotive industry, Polytec speaks of a market recovery and is also encouraged by new product launches.
Staff costs increased due to extra services
On the other hand, things did not go smoothly internally in the first half of the year: urgently needed production systems were not delivered or delivered too late. This in turn messed up production and cost more money. Because: extra shifts had to be run, which increased personnel costs. There does not seem to be any relaxation in sight in the short term: these special measures will also be necessary in the third quarter of the current financial year, reports the management of Huemer.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
