Competition Blamed For Profit Fall

Oberland Glas has reported a significant fall in the profits generated by its parent company in the first half of 1997. In its interim report, the company recorded a 27% fall in after tax profits from DM15.2m the previous year to DM11m. There was a decline in turnover from DM347.1m to DM335.6m. The company expects its results for the second half of the year to reach first half level. The poor results for the first six months of the year are being blamed on the negative price trends following sustained competitive pressure. Group figures for the first half of the year have not been revealed. (whole item)