Despite an economic slowdown, Stinnes AG achieved high growth rates in both sales and earnings in the first six months of 2001. However, the high growth rate was largely down to double-digit growth in the Transport and Chemicals Divisions, while the Materials Division (Stinnes Interfer, incorporating Frank & Schulte GmbH) "stood its ground" in difficult market conditions. Relative to the first half of 2001, Group external sales increased by 22 percent to ?6,500m., earnings before interest and taxes rose by 23.5 percent to ?168m., consolidated internal operating profit grew by 20 percent to ?128m., and consolidated net income was 2 percent lower at ?78.5m., owing to tax losses carried forward which increased the tax rate.
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