Printed circuit board giant
AT&S posts a loss of 16 million euros
The Styrian printed circuit board manufacturer AT&S reports a sharp drop in earnings for the first quarter of the year. Due to weak demand, the operating result (EBIT) fell from plus eight to minus eight million euros. The company is now hoping for a recovery in the market.
It is a sobering result that the top Styrian company is now announcing: In the first quarter of 2024/25, the operating result slumped from plus eight to minus eight million euros, while the consolidated result even fell from minus two to minus 34 million euros. Turnover fell from 362 million to 349 million euros. Turnover had already fallen to 1.55 billion euros in the 2023/24 financial year (previous year: 1.791 billion euros).
Job cuts necessary
In May of this year, it was therefore announced that up to 1,000 jobs would have to be cut at the company worldwide. "In order to counteract the continued price pressure expected in the industry, we have further intensified our ongoing efficiency programs. In this context, in addition to numerous other cost-cutting effects, there will also be a reduction of up to 1,000 employees at existing locations," said Group CEO Andreas Gerstenmayer.
Declining demand
This is the result of a weakened market for mobile devices and industrial applications and the resulting high price pressure for AT&S. "As expected, we are still operating in a difficult market environment with changing forecasts. The predicted market recovery is taking place, but is slower than predicted," says Gerstenmayer. He has high hopes for artificial intelligence technology: "Accordingly, we are pressing ahead with our projects in Kulim and Leoben and are very satisfied with the progress we are making."
"For the new financial year 2024/25, we see AT&S back on course for growth," said Gerstenmayer in May, predicting annual revenue of between EUR 1.7 and 1.8 billion for 2024/25. Whether this result is realistic remains to be seen.
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