FRANKFURT (Reuters) – Thyssenkrupp reported a third-quarter net loss on Wednesday as it suffered higher-than-expected costs in its factory technology business, adding that it had also halted the sale of one of its units.
The company reported a quarterly net loss of 54 million euros, compared with a profit of 83 million dollars a year earlier.
Thyssenkrupp also said the sale process of its automation business had been halted and it was now exploring deeper restructuring measures for the powertrain business unit.
The news reflects growing challenges facing the former German industrial giant, which had to cut its annual outlook for the third time last month and is in the midst of a process to sell off half of its steel division.
“Strongly opposing market trends and one-off effects offset the progress made in Thyssenkrupp’s transformation in the third quarter,” said Group CEO Jens Schulte.
(Reporting by Christoph Steitz, Elena Smirnova, editing by Kate Entringer)
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