Kapsch TrafficCom seeks cost cuts after new projects dry up
VIENNA Aug 20 (Reuters) - Austrian road-toll technology company Kapsch TraffiCom said it would intensify cost-cutting measures in response to a lack of new projects.
"The forecast market growth still has not materialized and no new projects arose. In particular, no invitations to tender for major toll projects in Europe are in the immediate vicinity," Kapsch said in a statement on Wednesday.
"Kapsch TraffiCom continues to strive for a two-digit EBIT margin in order to focus strongly on continuing its growth strategy," it said.
EBIT (earnings before interest and tax) fell 83 percent in the first quarter to 0.6 million euros ($0.8 million) on sales that slipped 3 percent to 118 million euros. (1 US dollar = 0.7517 euro) (Reporting by Georgina Prodhan; Editing by David Holmes)
- Lightning, rain fail to deter resolute Hong Kong protesters |
- Kurds seize Iraq/Syria border post; Sunni tribe joins fight against Islamic State |
- Special Report: Islamic State uses grain to tighten grip in Iraq
- Protesters stay out on Hong Kong streets, defying Beijing |
- EBay follows Icahn's advice, plans PayPal spinoff in 2015 |