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Thyssenkrupp sees blow to full-year profit from cartel provisions

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Thyssenkrupp sees blow to full-year profit from cartel provisions
FILE PHOTO: A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen/File Photo   -   Copyright  Thilo Schmuelgen(Reuters)
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FRANKFURT (Reuters) – Thyssenkrupp <TKAG.DE> on Thursday said it expects its full-year net profit to reach 100 million euros (87.13 million pounds) and an adjusted operating profit of 1.6 billion euros, citing provisions for an ongoing cartel probe as well as quality problems.

Thyssenkrupp said developments in a cartel investigation probing rigged steel prices had forced the conglomerate to accrue risk provisions.

“Based on the facts currently known to us, we cannot exclude substantial adverse consequences with regard to the Group’s asset, financial and earnings situation,” Thyssenkrupp said.

Thyssenkrupp said it will present consolidated financial statements for 2017/2018 financial year on Nov. 21, 2018, as previously planned.

(Reporting by Edward Taylor; Editing by Christoph Steitz)

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