KHD misses 2013 margin guidance, Germany

KHD Humboldt Wedag of German has said it will miss its margin guidance for the 2013 financial year due to “unexpected profit deterioration in the latest cost estimations of a few major projects.”

In a statement released yesterday, the Germany-based equipment supplier said that according to preliminary unaudited figures, it will close 2013 with a “significant increase in revenues”, EBIT of between EUR1-2m and an EBIT margin of less than one per cent.

AVIC International Beijing has recently acquired a 40 per cent stake in KHD via a voluntary public takeover offer and acquired an additional 19 per cent from individual share purchase agreements. AVIC already owned 20 per cent of KHD through its subsidiary Max Glory, bringing its total stake to 79 per cent.