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ThyssenKrupp had 2.4 bln eur FY pretax loss-reports

Thu Nov 12, 2009 11:03am EST

Stocks

   

* Manager Magazin says 1.7 bln eur of loss due to one-offs

Brazil  |  Basic Materials

* Rheinische Post says board will consider paying no dividend

* ThyssenKrupp declines comment

* Shares down 0.1 percent, lagging firm German blue chips

(Adds Rheinische Post report)

FRANKFURT, Nov 12 (Reuters) - ThyssenKrupp (TKAG.DE) posted a pretax loss of 2.4 billion euros ($3.6 billion) in its fiscal year to the end of September, Germany's Manager Magazin and Rheinische Post newspaper reported, citing unidentified sources.

Germany's largest steelmaker, which posted a pretax profit of 3.1 billion euros in the year-earlier period, is due to report its full fiscal-year results on Nov. 27.

ThyssenKrupp declined to comment on the reports. Its most recent outlook envisaged a pre-tax loss in the high hundreds of millions of euros before one-offs.

Analysts on average expect a pretax loss of nearly 1.3 billion euros, according to Thomson Reuters I/B/E/S estimates.

Manager Magazin said almost 800 million euros of the loss came from the company's operating business. Some 1.7 billion euros were due to one-time effects, including a 500 million euro hit from Hellenic Shipyards.

ThyssenKrupp is in talks with Greek authorities about the future of Hellenic Shipyards. It could close the shipyard after running up costs of 520 million euros to build four submarines for the Greek navy and then scrapping the contract due to missed payments.

Separately, the Rheinische Post newspaper said the company's supervisory board would consider not paying a dividend when it meets on Nov. 26. ThyssenKrupp paid 1.30 euros per share for the previous year.

It said the loss before tax of 2.36 billion euros stemmed in part from more delays to a planed steel mill in Brazil.

German newspaper Die Welt reported last month that ThyssenKrupp planned to pay its shareholders a dividend of at least 0.30 euros per share despite hefty losses for the year. [ID:nLQ238847]

And in September, Die Welt had reported that ThyssenKrupp was heading for a bigger than expected pretax loss of more than 2 billion euros, weighed down by special items. [ID:nL9218039] (Reporting by Maria Sheahan and Tom Kaeckenhoff, Editing by Michael Shields and David Cowell)



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