Austrian Economic News - Week 2-8 April

Monday

Industrial group Frauenthal said its sanitary unit SHT had taken over Slovak sanitary wholesaler Technopoint. The deal is part of the Frauenthal's strategy of "going international".

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BKS Bank said its net profit decreased by EUR 15m to EUR 38.6m in 2011 pulled down by write-downs on Greek state bonds. The dividend, however, will remain constant at EUR 0.25 per share. For 2012 the bank projects growth in its net profit.

Tuesday

Austrian hotel operator and real estate company Warimpex said it booked a net profit of EUR 7.24m for 2011, compared to a loss of EUR 2.04m for 2010. However, the company will not pay a dividend for the year.

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Oberbank said its net profit grew 13.1% year-on-year in 2011. However, in view of the economic development, the bank is not so optimistic for the current year.

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Motorcycle maker KTM Power Sports said that it will return to its simpler name of just KTM AG. The move is due to the brand strength, the company said.

Wednesday

Car parts supplier Polytec said it plans to pay a dividend of EUR 0.35 per share for 2011 after a pause of three years. Due to divestments, sales decreased by 15% to EUR 657.4m in 2011. Net profit increased to EUR 35.3m from EUR 25.6m. The company projects sales of about EUR 500m for 2012.

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Bank für Tirol und Vorarlberg (BTV) said its net profit increased 8.9% to EUR 53.5m in 2011. Total assets grew to the record-high EUR 9.2bn. Dividend payment remains unchanged at EUR 0.30 per share.

Thursday

VIG Re, the reinsurance unit of Vienna Insurance Group (VIG), raised its pretax profit by 11.1% to EUR 20.6m. Premium income rose by 4.2% to EUR 292.3m. For 2012 the management will target premiums above EUR 350m.

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Troubled bank ÖVAG AG closed 2011 with a record-high loss of EUR 1.345bn. The move has triggered the decision of the Austrian state to partially nationalise ÖVAG. The massive losses were attributed to write-downs on subsidiaries, as well as on Greece-related bonds. 

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Pankl, a supplier of automobile and aircraft parts, ended its share buyback programme ahead of schedule on April 4. The value of the repurchased stock stood at EUR 5.95m.

Friday - Easter holidays