Austrian Economic News - Week 22-28 Oct

Monday

Austrian circuit board producer AT&S raised its sales by 5% to 255m euro in the first half of its fiscal year. Net profit, however, collapsed by 85% to 2.08m euro. The fall in earnings was attributed to high write-offs and underutilisation as well as to sinking demand. Company's CEO Andreas Gerstenmayer is still optimistic for the entire year.
Ams, former austriamicrosystems, announced a 27% increase in sales to 103.3m euro in the third quarter of 2012. EBIT grew 96% to 25.5m euro. The company benefited from increasing demand for smartphone and tablet PC applications. The firm projects 40% increase in sales for the full year. Ams also revealed the planned takeover of IDS, a RFID design house.

Tuesday

Despite the announced on Monday fall in earnings, circuit board maker AT&S does not see any reason for a profit warning for full 2012/13, CFO Thomas Obendrauf said at a news conference. According to him, the company can still meet its targets.
US Teachers Insurance and Annuity Association of America (TIAA) has lowered its stake in Austria's building material producer Wienerberger to under the 5% threshold.

Wednesday

Austrian construction group Porr on Wednesday opened a new plant for the production of concrete rail sleepers in Serbian town Svilajnac. Porr has invested 5.6m euro in the factory, which will employ 30 initially.
In view of the results from the first three quarters of the year, power supplier Verbund improved its outlook for full 2012 to 830m euro in EBIT and 380m euro in net profit. The company's net profit grew 5.3% to 332.2m in the first nine months, while revenue went up 4.2% to 2.29bn euro.
Building group Strabag mulls over participating in the tender for the concession of the Brenner Autobahn in Trentino-Alto Adige. Italy's infrastructure sector is especially important for the Austrian company, a spokesperson told APA news agency.
Vienna Insurance Group (VIG) is currently considering two or three small-scale acquisitions, CEO Peter Hagen told journalists. The purchase prices may stand in the double-digit million euro range. The company has around 1.5bn euro for possible takeovers in its war chest.

Thursday

Technology company Andritz said it had received an order worth between 250m and 300m euro in Laos. Andritz will deliver equipment for the Xayaburi power plant.
UBM Realitätenentwicklung AG, a subsidiary of Porr, plans to raise the volume of its last year issued bond by up to 25m euro to 100m euro.
The takeover of water technology specialist BWT AG by the WAB Gruppe was approved by the corresponding authorities.
The Strauss group has acquired 37.93% of the voting rights in construction company Porr. The price for the already announced mandatory takeover offer for the rest in Porr will probably stand at 52 euro per ordinary share.

Friday - National Holiday