zumtobel full-year earnings plunge, outlook bad
In Vienna in 2010, EBIT dropped 36 pct * warning prospects in foreign exchange and recession, no recovery before June 29 * No dividend (Reuters)-
Zumtobel, Austrian lighting equipment manufacturer (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]“Zumtobel . . .
It is expected that the operating environment of the construction industry will deteriorate further, assuming that the lighting industry will only reach its lowest point in the crisis in 2010 due to the cyclical delay in its business, it said in a statement.
Zumtobel\'s share price has risen 30% since the beginning of this year, surpassing the DJ Stoxx European building index.
SXOP up about 3%. ($1=. 7143 Euro)(
Sylvia Westall reports;
Editor Jon Louz-Carter)