10/28/2011 2:28:00 AM
NEWS BRIEFS
Rail Delays in China Hurt Fastener Revenue at Vossloh
Vossloh AG reported revenue at its Fastening Systems business unit declined 29% to €200.8 million in the first nine-months of 2011.
“The decrease was mainly due to project delays in China where expectations that construction work might resume in the third quarter, failed to materialize,” the company stated. Vossloh is now counting on work to restart not before February 2012.
“A contract award indicates that China still intends to continue with the extensive expansion of its rail network: in the third quarter, Vossloh again succeeded in winning a major order which comprises the shipment of rail fasteners worth around €35 million for the line Hefei to Fuzhou.”
Overall nine-month sales at Vossloh declined to €863.8 million due to weaker-than-expected business in rail fasteners and switches. EBIT was cut in half to €67.9 million.
Vossloh AG reported revenue at its Fastening Systems business unit declined 29% to €200.8 million in the first nine-months of 2011.
“The decrease was mainly due to project delays in China where expectations that construction work might resume in the third quarter, failed to materialize,” the company stated. Vossloh is now counting on work to restart not before February 2012.
“A contract award indicates that China still intends to continue with the extensive expansion of its rail network: in the third quarter, Vossloh again succeeded in winning a major order which comprises the shipment of rail fasteners worth around €35 million for the line Hefei to Fuzhou.”
Overall nine-month sales at Vossloh declined to €863.8 million due to weaker-than-expected business in rail fasteners and switches. EBIT was cut in half to €67.9 million. ©2011 GlobalFastenerNews.com
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