Cross Industries Still in the Red

Businessn.a. ♦ Published: April 30, 2012; 19:44 ♦ (Vindobona)

Due to interest expenses, the Austrian industrial holding company recorded losses of € 4.5m after € 4.8m in 2010.

Cross Industries Still in the Red / Picture: © Pierer Industrie AG

The industrial holding group Cross Industries, which is owned by the Austrian industrialists Stefan Pierer and Rudolf Knünz, is still in the red. In 2011, losses of € 4.5m were recorded.

This is mainly due to interest expenses, Cross Industries announced. Moreover, total assets were reduced considerably from € 1.433bn to € 818.5m. In November 2011, Cross Industries sold…