In the medium term, Polytec sees itself as strategically very well positioned to convert the change in the automotive industry into increasing economic success. Things are not yet going well for the plastics processor: profit after tax is negative for the first half of the year.
An increase in turnover to 349.6 million euros, an improved operating result to 3.5 million euros, profit after tax in the red of minus 2.7 million euros – that is within the bandwidth for the first half of 2024, Polytec reported on Wednesday.
New projects are getting closer
Above all, the launch of new projects brings money into the coffers, emphasises the company headed by Markus Huemer, based in Hörsching (Upper Austria), which is also very active in the field of e-mobility and is also doing well outside the automotive sector.
However, the challenges facing plastics processors remain significant: demand from the automotive industry is not stable. Polytec therefore expects passenger car production figures for this year to be at 2023 levels, while volumes for heavy commercial vehicles are expected to decline slightly, it says.
More than 3900 employees
The Polytec Group employed 3,906 people at the end of June, a figure that was only slightly lower than in the first half of 2023.
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.
