3 September 1998: German-based window and door manufacturer Weru AG posted a 6.6% fall in group turnover from DM 190.1 million in the first half of 1997 to DM 177.4 million in the first half of 1998, …
3 September 1998: German-based window and door manufacturer Weru AG posted a 6.6% fall in group turnover from DM 190.1 million in the first half of 1997 to DM 177.4 million in the first half of 1998, due to the ongoing slump in the construction industry. Earnings were affected by continuing pricing pressure and one-off costs, such as a severance payment of DM 2.1 million paid to a former management board member, a recent press report has said. Compared to the first half of 1997, expenditure on sales and marketing was some DM 3.4 million higher than in the current first half. Consequently, year-on-year ordinary operating profits were significantly lower at DM 0.3 million compared with DM 7 million reported during the same period a year earlier. Full year earnings are also expected to be considerably less than the 1997 level of DM 30.2 million compared with DM 31.5 million reported a year earlier. A net profit of DM 40.3 million was posted at group level in 1997 and DM 38.8 million at AG level. Weru said it is not expecting an upturn in the second half, although it is targeting a sales volume equal to last year“s level. In the first half of 1998, Weru reduced its workforce to 1,796 from 1,848.