|
contents | business | |||||||||
| Wienerberger says 2008 profit down 65 % Vienna-based Wienerberger AG, the world's largest brick producer and Europe's No. 2 in clay roof tiles, said its revenues dropped slightly by 2% to € 2,431.4 million. Operating EBITDA fell significantly by 20% to € 440.1 million, while operating EBIT contracted by 32% to € 239.8 million. "The construction industry was one of the first sectors to be affected by the financial crisis. We reacted to this development already in June by adjusting our strategy and implementing a broad range of measures by the end of the year. Nevertheless, our results suffered on account of declining sales volumes, cost inflation as well as expenses from plant standstills and idle capacity", says Wolfgang Reithofer, Chairman of the Board of Wienerberger AG, in his analysis of the past fiscal year. The financial result deteriorated from € 5.3 million to € -35.0 million; it needs to be taken into account, though, that the 2007 result included a non-recurring effect of € 10.1 million from the sale of securities. Overall, Wienerberger's profit after tax amounted to € 103.3 million in the year under review (year before: € 295.8 million). Earnings per share fell to € 0.81 (after hybrid coupon) and adjusted earnings per share amounted to € 1.69, compared with € 3.46 the year before. Consolidated equity including minority interests dropped by 7% to € 2,497.2 million (year before: € 2,672.7 million). "We expect 2009 to be an extremely difficult and challenging year. The crisis has not bottomed out yet and there is a great deal of uncertainty about the actual magnitude of its impact on the individual national economies," Wolfgang Reithofer said in a statement. write your comments about the article :: © 2009 Construction News :: home page |