Preussag shares fall 7% on weak earnings report

Article Abstract:

Preussag AG's stock fell in value by almost 7% due to lower-than-expected net earnings and a capital increase plan. The company will raise approximately two billion deutschemarks ($1.2 billion) by way of a new share issue and a controvertible bond issue. The issue of stock and bonds is designed to accelerate Preussag's transformation from a steel and mining conglomerate to a tourism group. For the year ending on September 30, 1998, Preussag posted 539 million marks in net profit. Analysts had predicted approximately 577 million marks.

Comment:

Stock falls in value by 7% due to lower-than-expected net earnings for year ending Sept 30, 1998

Sales, profits & dividends, Securities prices, Primary Metal Manufacturing, PRIMARY METAL INDUSTRIES, Metals, Metal industries, Abstract, Securities, Metals (Materials), Metal industry, Preussag AG

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New U.S. work bolsters orders for Holzmann

Article Abstract:

Frankfurt, Germany-based Philipp Holzmann AG, one of the biggest construction firms in Germany, experienced an 11% increase in first-half 1998 orders due to its improved construction business in the US. Its first-half 1998 orders jumped to 6.2 billion marks from 5.6 billion marks a year earlier. The increase in its US construction business marks the turnaround at the company, according to Holzmann Chief Executive Heinrich Binder. The firm is confident it can post in 1998 its first operating profit since 1994.

Comment:

Experiences an 11% increase in 1st-half 1998 orders due to its improved construction business in the US

Contracts & orders received, Article

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Union opposes Holzmann rescue plan

Article Abstract:

Article discussing the IG Bau construction industry union's opposition to the restructuring plan for Philipp Holzmann AG, which could block the rescue of the construction company that narrowly escaped bankruptcy last week.

Labor force information, Labor relations

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