World Economy

Thyssenkrupp Profit Shrinks

Thyssenkrupp Profit ShrinksThyssenkrupp Profit Shrinks

German engineering giant Thyssenkrupp has reported a steep drop in net earnings for the first half of its business year, DW reported. The firm said the ailing steel business contributed to the development in no small way. Thyssenkrupp reported Tuesday its bottom-line earnings dipped by 62% in the first half of its business year ending September. Net profit amounted to €37 million ($42.1 million), the Essen-based company said. Revenue dropped by 8% to total €19.4 billion, with a slight recovery of advanced material prices coming too late to boost Thyssenkrupp’s operations in the first six months of the fiscal year.