Austria's top economic news - February 23

Telekom Austria said it more than doubled its net profit to EUR 195.2m in 2010. Sales fell 3.1% to EUR 4.65bn. The net profit came considerably below the expectations of analysts due to interest rate differences related to restructuring provisions. EBIT rose 27.3% to EUR 437.9m. For 2011 Telekom Austria projects sales of EUR 4.6bn.
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OMV's net profit for 2010 grew 61% to EUR 921m boosted by higher oil prices, improved margins, higher contributions from Romanian Petrom and the strengthened dollar. The company will pay a dividend of EUR 1 per share. OMV plans to reduce its overhead costs by further EUR 200m by 2012. OMV's sales grew 30% to EUR 23.323bn in 2010. The release of the company's 2010 results was overshadowed by questions about its engagement in conflict-hit Libya and its future there.
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Fire vehicle maker Rosenbauer said its sales increased 10% to EUR 595m in 2010. Operating profit after one-offs grew 69% to EUR 49.8m. The results were boosted by exports and especially by the US business. The company expects a good utilisation for 2011.
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Vaccine developer Intercell has successfully placed its first tranche of convertible bonds worth EUR 33m. The issue was boosted due to the strong demand. As a whole, the company plans to issue up to EUR 82.5m in convertible bonds.
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Crane maker Palfinger said its 2010 sales rose 29% to EUR 651.8m, while it returned to a net profit of EUR 24.2m after a loss of EUR 7.8m for 2009. If the economic conditions remain the same, the company projects organic growth of about 20% for 2011. It plans a dividend of EUR 0.22 for 2010. Palfinger intends to advance its expansion in Asia and America, and especially in China.
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AUA has decided to cancel its flights to Libya due to the unrest in the country. The flights are for now cancelled until the weekend.
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The number of overnight stays in Austria stood at 27.81m in the first half of the 2010/11 winter season, up 0.8% in annual terms, Statistik Austria said.