By Olivia Bugault
Thyssenkrupp AG said Thursday that net operating loss in fiscal 2020 widened but expects better earnings next year.
The German industrial conglomerate posted a net loss from continuing operations of 5.55 billion euros ($6.52 billion) for the fiscal year ended Sept. 30, compared with a loss of EUR1.15 billion a year earlier. Including discontinuing operations such as the company's elevator business that was sold, net profit was EUR9.59 billion.
Thyssenkrupp booked an adjusted loss before interests and taxes from continuing operations of EUR1.63 billion, compared with a loss of EUR110 million in its previous financial year.
Operating sales fell to EUR28.9 billion from EUR34.04 billion, the company said.
The company expects sales from continuing operations in its fiscal year 2021 to grow in the low- to mid-single-digit percentage range, it said. Adjusted EBIT--although still negative--should significantly improve compared with fiscal 2020 to a loss in the mid-three-digit million euro range.
"Despite the significant operating improvements, as well as the absence of impairment losses on noncurrent assets from the prior year, Thyssenkrupp expects a net loss of over EUR1 billion," the company said.
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