Draka sees satisfactory opg profit result for 2009
AMSTERDAM, Nov 12 (Reuters) - Dutch cable maker Draka Holding (DRAK.AS) on Thursday said it expected operating profit to be "satisfactory" this year and market conditions were stabilising, though the economy remains fragile.
Draka said it expected an operating profit of 74 million euros to 79 million euros for 2009, roughly half of what it reported in 2008.
"Market conditions in general are stabilising after a difficult first-half 2009," Draka said in a statement.
"Instead of 2009, the effect of government stimulus measures could be felt in 2010, particularly in the renewable energy and infrastructure sectors."
Draka also said net debt would be about 220 million euros lower at end-2009 compared with 2008.
The company raised 100 million euros with the placement of 8.12 million new shares last month as it sought funds to restructure and improve its finances.
Draka is Europe's third-largest cable maker with operations in 30 countries in Europe, America and Asia. Talks to be taken over by Italy's Prysmian (PRY.MI) fell apart in September. [ID:nLA51858] (Reporting by Ben Berkowitz; Editing by Jon Loades-Carter)
