August 20, 2014 / 7:11 AM / in 3 years

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)

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