The bad news from the economy does not stop there: the significantly downward revised forecasts of the economists at Wifo and IHS are accompanied by miserable balance sheets of domestic companies.
- The once nationalized steel company reported this on Wednesday voestalpine A decline in profit after tax of 43 percent in the first half of the year. Profit after tax fell by 43 percent year-on-year to 183 million euros.
- The motorcycle manufacturer KTM announced a financial need worth millions, including staff cuts.
- Only reported on Tuesday Kika/Leiner bankrupt for the second time. Up to 1,400 jobs are affected, although the furniture chain had already reduced the number of employees from 1,900 to 1,400 during the year (see video above). The previous bankruptcy in the aftermath of the Signa bankruptcies was only a year ago.
- The weak corporate balance sheets affect all sectors, including the sugar and starch group Agrana issued a profit warning and announced savings of 80 to 100 million euros. The operating result (EBIT) will decrease by at least half this year.
- The former Austrian state airline DON’T halved its operating result (EBIT) in the first three quarters of this year. Upper Austrian aluminum group AMAG reported a 21 percent decline in profit for the first nine months of the year.
- The gun manufacturer was also affected Glokhe reported a significant decline in sales and net income. The company recently came away empty-handed with major military orders in the US, Canada and Australia
- Die European Central Bank (ECB) According to insiders, Raiffeisen Bank International (RBI) and UniCredit, the parent company of Bank Austria, are insisting on maintaining additional capital as a buffer against potential risks from their Russian activities.
- The brick maker Wienerberger is also experiencing a huge decline in profits. Profit after tax fell by 85 percent in the first three quarters of this year compared to the same period last year. Net debt increased by 55 percent from 1.21 to 1.88 billion euros.
- The Composite also made significantly less profit. Turnover fell by 40.4 percent to 5.84 billion euros.
- The textile company is located in the far west of Austria Wolford – again – red numbers presented. EBIT (earnings before taxes and interest) fell by approximately 81 percent compared to the previous year.
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.
