KBA: first-quarter loss
KBA posts £31.1m first-quarter loss
By William Mitting Monday, 18 May 2009
Press manufacturer KBA has reported a 35.2m euro (£31.1m) first-quarter loss as the "slack demand" that defined the last quarter of 2008 continued into 2009.
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The result, which covers the period up to 31 March 2009, was in line with expectations, caused by a slump in demand for sheetfed presses, resulting in revenues for the division down by almost half to €76.8m compared with the previous quarter.
Sales in the web division experienced a 9% decline.
Overall continuing subdued demand in the German manufacturer's core European markets exacerbated the decline in sales.
KBA has instigated a cost-cutting drive, which will result in job losses and savings of "several hundred million euros".
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