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Viag raises 1998 earnings

18 February 1999: German utility and telecommunications group Viag AG reported a 10% rise in 1998 operating profit for 1998.
The group said operating profit before tax in 1998 climbed DM 3.2 billion …

18 February 1999: German utility and telecommunications group Viag AG reported a 10% rise in 1998 operating profit for 1998. The group said operating profit before tax in 1998 climbed DM 3.2 billion (US$ 1.85 billion) from sales which fell slightly to DM 49.2 billion from DM 49.5 billion. Viag said that earnings from its SKW Trostberg chemical unit were slightly above the 1997 level, while profit from its specialty chemicals firm Th. Goldschmidt were significantly higher. It also said income from its Schmalbach Lubeca subsidiary had risen and profit from Gerresheimer Glas was significantly above the previous year. “Sales were boosted in particular by the strong performance of VAW aluminium,” the group said in a statement, adding that start-up losses in its Viag Interkom telecommunications subsidiary were in line with its expectations. Viag said it planned to increase its 1998 dividend by DM 2 to DM 22.86 per share.

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