update 1-zumtobel full-year earnings plunge, outlook poor
Forex and recession * Warning Outlook no recovery before 2010 * No dividend target positive bit EBIT (
Increase finance director)
Vienna, June 29Reuters)-
Zumtobel AG, lighting equipment manufacturer, Austria (ZUMV. VI)
Reported that the annual decline of 36%
The company announced adjusted operating income on Monday, canceled the dividend and warned that it would not resume until 2010.
Income before interest and tax (EBIT)
Adjustment for special and non-special items
Recurring expenses fell to 78.
9 million euros ($110. 5 million)
The year ended in April 30.
This is higher than the Reuters survey of six banks, with an average forecast of 65 million euros/2009 euros for the whole of 2008. [ID:nLN640705]
Chief Financial Officer Thomas Spitzenpfeil said he could not give a specific outlook for the current fiscal year, but said turnover would obviously decline.
\"Our goal is to keep EBIT active, at least before restructuring costs,\" he told Reuters on the sidelines of the press conference . \".
Sales could drop by 10 to 25%, he said.
Zumtobel said in a statement earlier on Monday that the construction industry is expected to deteriorate further, and because of cyclical delays, it is believed that the lighting industry will only reach its worst crisis in 2010 before the improvement.
Zumtobel\'s share price has risen 30% since the beginning of this year, surpassing the DJ Stoxx European building index.
SXOP up about 3%. (
Reports from Alexandra Schwartz and Sylvia westoler;
Editor David Holmes)($1=. 7143 Euro)