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Jena (pte045/29.04.2003/16:50) - German technology group Jenoptik http://www.jenoptik.de has closed the fiscal year with a severe drop in profits.
In an ad hoc press release issued today, the German group reported profits of 40m euros in 2002 compared to 88m euros the year before. The operating result fell from 109.1m to 64.8m euros. Turnover shrank by 25 per cent to 1.58bn euros.
Jenoptik says it will nevertheless remain within its annual prognosis submitted early in the year. The group attributes the weaker results to a delay in order invoicing, which has pushed a volume of 300m euros into the year 2003. The company says the results have also been affected by an outstanding payment of 13.6m euros from US subsidiary M+W Zander. Another cause for the decline may be the
On a more positive note, the group points out that its incoming orders have increased by 13.1 per cent compared to last year.
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