March 6, 2018 / 7:25 AM / 5 months ago

UPDATE 1-Lighting group Zumtobel's quarterly loss much higher than expected

* Q3 net loss at 9.3 mln eur vs expectation of -2.1 mln

* Q3 revenue at 283.7 mln eur vs expectation of 275 mln

* Evaluation of all structures, processes and products

* New strategy to be presented in June (Adds, detail, outlook, ceo)

VIENNA, March 6 (Reuters) - Austrian lighting group Zumtobel reported a third-quarter net loss that was four times higher than expected, due to a further decline at its operations in Britain, increased price pressures in the industry and internal problems.

Net loss was 9.3 million euros ($11.5 million) after a 2.2 profit in the previous year, and revenue fell 7.3 percent to 283.7 million euros, the group said on Tuesday.

Analysts had expected a third-quarter net loss of 2.1 million euros on revenues of 275 million euros ($339.2 million).

Business has been hurt by a sharp drop in revenue in Britain, the largest single market for Zumtobel with nearly 20 percent of sales, as well as aggressive price competition in the lighting and components business.

Last month, the Zumtobel supervisory board said it had accepted the chief executive’s and finance chief’s offers to terminate their contracts early following a dispute with the supervisory board and the Zumtobel family about strategy and daily operations.

An increasing debt pile adds to Zumtobel’s challenges.

Acting Chief Executive Alfred Felder, who is also responsible for sales, said in a statement he was working on a strategic roadmap for the future “and at the same time reviewing all... structures and procedures, as well as our markets and product portfolios without any fixed expectations regarding the result.”

The evaluation will lead to additional restructuring costs in the fourth quarter, Zumtobel said, adding that the new strategy and goals will be presented in June.

After two profit warnings in three months, Zumtobel confirmed its January forecast that it expects full year adjusted earnings before interest and tax (EBIT) of 15 to 25 million euros and a revenue decline of around 8 percent from last year’s 1.30 billion euros. ($1 = 0.8105 euros) ($1 = 0.8106 euros) (Reporting by Kirsti Knolle Editing by Arno Schuetze and Louise Heavens)

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