The German tableware and bathroom fittings group Villeroy & Boch AG said last week that its outlook for the current year was positive, despite reporting losses for 1996.
Villeroy reported a group net…
The German tableware and bathroom fittings group Villeroy & Boch AG said last week that its outlook for the current year was positive, despite reporting losses for 1996. Villeroy reported a group net loss of DM 103 million (US$ 60.2 million) in 1996, compared to group net profits of DM 34.1 million in 1995, which the group said related to a DM 114.1 million charge in 1996 as part of a restructuring programme. The group said it did not expect to face further charges in 1997 or 1998. In the regulatory statement, Villeroy said that group income from ordinary activities in 1996 was DM 33 million, down from DM 87.4 million a year earlier, while group sales in 1996 fell 2% to DM 1.453 billion. Villeroy“s tableware unit managed to report slightly higher earnings last year, despite difficult market conditions, the statement said. Villeroy had already announced that it would not pay a dividend on its 1996 results. Its dividend payout in 1995 was DM 7.50 per preference share and DM 6.50 per ordinary share.