Varta continues with deep red figures: Sales increased
The struggling battery manufacturer Varta has significantly increased its turnover in the third quarter compared to the same quarter last year. At 215.1 million euros, revenue was around eleven percent higher than the previous year's figure, as the company announced on Tuesday in Ellwangen (Ostalbkreis).
After the first nine months, however, Varta is still lagging behind in terms of turnover. At 554.1 million euros, this was below the figure of 570.7 million euros from the same period last year. At the bottom line, Varta posted a net loss of 115.8 million euros, which was partly due to the expenses associated with the company's realignment. In the previous year, the consolidated result after nine months was minus 20.1 million euros.
"Our measures are taking effect," said Varta CEO Markus Hackstein according to the press release. Costs had been effectively reduced. "For the future, we will continue to consistently pursue our restructuring and thus return to a profitable growth course," said Hackstein. Varta was forced to restructure in the spring and announced the elimination of around 800 jobs worldwide.
Despite the company's overall struggles in the first nine months, showcasing a lower turnover and a substantial net loss, Varta's electronics and consumer goods sales demonstrated a positive trend in the third quarter. The quarterly figures revealed an eleven percent increase, reaching 215.1 million euros.
Source: www.dpa.com
