S&T Deeper in the Red

Companies ♦ Published: August 10, 2011; 17:27 ♦ (Vindobona)

The IT service provider recorded higher losses in the first six months of 2011. The Austrian workforce has been reduced by one third since October.

S&T Deeper in the Red / Picture: © S&T Austria GmbH

Currently looking for an investor, S&T had to report higher losses for the first half of the year. Restructuring expenses amounted to € 6.3m until June. EBIT was negative at € -10.4m which is almost twice as much as in the first half of 2010. The company incurred a net loss of € 16.4m which includes discontinued and sold operations abroad. Revenue of the S&T Group declined…

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