Stinnes, under takeover bid, reports mid-year profit increase
The figures are before adjustment of transfers to provisions of a stock option programme; adjusting for it, the operating profit rose by 20 per cent. External group sales decreased by 8 per cent to Euro 5.9 billion in a weak economic environment and lower prices, Stinnes said.
It attributed the fall mainly to its materials division, where a combination of lower volume and prices pushed sales down by 26 per cent to Euro 593 million.
Despite the difficult economic environment, Stinnes said the divisions in transport and chemicals logistics expanded, both of which closed their mid-term operating profit at the same level as in the 2001 period.
External sales and EBIT (earnings before interest and taxes) were below the previous year’s levels due in part, the group said, to the “unsatisfactory performance of the materials division”.
Stinnes stock, influenced by takeover expectations, rose by 28 per cent in the first six months.
In its bid, announced in July, Deutsche Bahn had offered all Stinnes shareholders Euro 32.75 per share, an offer valid for acceptance from August 7 and expiring probably in late September.
