Printer maker Océ said on Monday that fourth quarter earnings evaporated because of the economic downturn and one-off costs.
In the final three months, net profit amounted to €700,000, compared with €35.8m in the year-earlier period.
Full year net profit slumped from nearly €79m in 2007 to just €3.8m. The company will not pay a year-end dividend to shareholders.
The company also announced it planned to cut costs by an extra €30m to keep earnings on an even keel. That means an extra 360 jobs will go, bringing the total to 1,200.
‘The acceleration of the unprecedented economic downturn has impacted the printing industry since October and as a consequence has also severely affected Océ’s financial performance,’ said CEO Rokus van Iperen.
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