21.05.03
Ad hoc: Loss in First Quarter - Operating Profit for 2003 Remaining Positive
Grevenmacher (Luxembourg) - Thiel Logistik AG, Grevenmacher (Luxembourg), posted an EBIT of - 8.6 (+ 17.7) million euros on sales of 413.8 (352.2) million euros in the first quarter of 2003. The main reason for this loss was the negative earnings performance in the Western Europe and Switzerland reporting segments especially. As a result of the disappointing first quarter and following an initial analysis, the new management considers the forecasts for 2003 made by the previous management as far too optimistic. Based on current information specific forecasts for sales and earnings cannot be made. The new management team is nonetheless convinced that it will end 2003 with a positive operating position.