Thyssenkrupp’s full-year net loss increases almost five-fold to 304 million euros ($337 million) from 62 million euros a year earlier
) warned of deeper losses ahead and scrapped its dividend on Thursday, sending shares in the German conglomerate down 12% as new CEO Martina Merz cautioned that restructuring could take up to three years.
After four profit warnings and two failed attempts to restructure since July 2018, Thyssenkrupp aims to slash 6,000 jobs and sell its elevators business in a last-ditch bid to stem its losses. Merz, who served as Thyssenkrupp chairwoman before being appointed CEO last month for 12 months in an emergency move, said talks with investors, executives and employees had convinced her that the group required substantial change.
Thyssenkrupp’s adjusted EBIT fell 44% to 802 million euros and the company said it expected a similar level for 2019/20.
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