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BUSINESS
Mon, 19.05.2003
pte20030519031 Companies/Finance
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Beko posts profits in first quarter
Cost reduction plan yields higher earnings
Vienna (pte031/19.05.2003/13:40) - Beko Holding's Vienna subsidiary Beko Ing. Kotauczek http://www.beko.at has reported profits for the first quarter of 2003.
The Vienna company announced today it had improved earnings before interest and taxes from minus 778,000 euros to plus 938,000 euros compared to the year before. Turnover in the first quarter dropped by 17.3 per cent to 12.8 million euros.
The improvement in profits has been attributed to a sweeping cost reduction programme, which included a reduction of personnel to 615 employees. The outlook for the current year nevertheless remains modest. While individual fields have shown positive development, Beko reports "a palpable insecurity on the market".
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