Thyssenkrupp Warns of More Losses Using Up Elevator Cash
- Net debt climbs 56% in its first half to 7.55 billion euros
- Situation to ‘significantly reduce’ leeway on elevator income
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Thyssenkrupp AG warned losses could surge in the third quarter due to the coronavirus crisis, further eating into cash from a multibillion-euro elevator sale that was meant to fund a turnaround.
The engineering conglomerate said it could lose 1 billion euros ($1.08 billion) this quarter after its net after-tax loss widened about 40% to 1.31 billion euros in the six months through March. That helped push net debt to 7.55 billion euros, a figure likely to rise as the pandemic hurts the global economy.