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Doppelmayr earnings fall as crisis bites

By Thomas Hochwarter

Ski lift manufacturer Doppelmayr has reported a huge drop in earnings on the back of the credit crunch.

The company � based in Wolfurt, Vorarlberg � announced today (Weds) its operating earnings for the past business year which ended on 31 March 2009 were 75.6 million Euros � down on the 86.96 million Euros figure for the previous business year.

Turnover also fell 9.4 per cent year on year from 679.7 million Euros to 615.7 million Euros.

Chairman Michael Doppelmayr said: "We have to be satisfied with this result considering the circumstances."

Earnings before taxes shrunk 53.5 per cent to 51.78 million Euros, he added.

Doppelmayr said the global economic crisis was the main reason for the poorer financial performance, adding the firm saw figures drop most dramatically in Russia and North America which accounts for 20 per cent of Doppelmayr�s turnover.

He said he saw no signs of improvement in North America, but praised the situations in Austria as "outstanding". He explained his company had invested 31 million Euros more � up 11 per cent � in the country compared with the previous business year.

The number of staff at Doppelmayr rose by two per cent year on year to 2,660 employees. However, the firm laid off 65 people in the current business year.

Austrian Times

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