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Scholz's parent group Chiho Environmental issues profit warning

14.08.2019 − 

Chiho Environmental Group expects to see a "significant decline" in earnings for the first six months of the current business year compared to the first half of 2018. In a profit warning released on Tuesday, the Chinese metals recycler said it had based its forecast on unaudited figures and other information.

In the first half of 2018, the parent company of metals recyclers Scholz in Germany and Liberty Iron & Steel in the US posted a profit of around €40m. The group attributed the anticipated drop in earnings to Chinese bans on certain scrap metal imports, the slowdown in the automotive industry in Europe and China and the Sino-US trade war. In addition, earnings had been weighed down by rising transport and energy costs.

Chiho did not provide an earnings forecasts in its 2018 annual report, writing at the time only that it was "cautiously optimistic" about the group's long-term prospects.

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