FT: Interglas feels effects of slump

Chief executive Bernd Meffert said the turnover increase achieved throughout the business year was eaten up in the final quarter, and as a result turnover in the 2000/2001 business year (June 30) dropped by 2 per cent to 140m euros. Profits fell from 2.6m euros to 1.7m euros.

Mr Meffert said the turnover figures were not fully comparable with those of the year before because of a major order taken in 1999/2000, as well as because turnover from a joint venture was not posted in the accounts until 2000/2001. Cost-cutting measures are being carried out, such job cuts and the postponement of salary increases.