Danish electronics maker Bang & Olufsen posts loss
Copenhagen - Share prices for Danish audio and multimedia products maker Bang & Olufsen dipped Tuesday after the group announced a lower profit outlook in its nine-month report for 2008/2009. Known for its sleek design of audio and other equipment, the group has been struggling recently but in the third quarter signed deals to deliver sound systems to car makers Audi and Aston Martin.
The share price dropped over 8 per cent but recovered some ground and was down some 1.5 per cent at noon on the Copenhagen bourse.
The group posted a pre-tax loss of 414 million kroner (73 million dollars) for the period June 2008 to February 2009, compared to a pre-tax profit of 190 million kroner year-on-year.
The loss included restructuring costs of 105 million kroner, the group said, adding that turnover was 2.17 billion kroner, down some 1 billion kroner year-on-year.
For the full financial year, the group expected a pre-tax loss of 510 million kroner, and turnover of some 2. billion kroner.
In its outlook for financial year 2009/2010, the group estimated a break-even result before tax while new products - including a new series of television sets - were expected to help lift turnover to some 3.2 billion kroner. (dpa)