German industrial conglomerate Thyssenkrupp AG on Friday reported a net loss for the second quarter of fiscal year 2017, largely due to the recent sale of its Brazilian steel operations, while revising its guidance for the full year.
The company said it posted a net loss of 879 million euros ($954.6 million) for the period ended March 31, compared with 61 million euros profit last year.
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Thyssenkrupp in February announced plans to sell a Brazilian steel plant--the last of its steel ventures in the Americas--for 1.26 billion euros ($1.37 billion). But the company had to take a write-down of 900 million euros at the time, dragging down net income.
As a result, Thyssenkrupp now expects a "significant" net loss for fiscal 2017, compared with a previous forecast of a "clear year-on-year improvement."
However, the company said it expects operating profit to improve for the full year, with adjusted earnings before interest and taxes expected to rise to 1.8 billion euros, up from a prior forecast of 1.7 billion euros.
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(END) Dow Jones Newswires
May 12, 2017 01:14 ET (05:14 GMT)