Losses at Océ continue in Q3

Office equipment maker Océ announced on Friday that it has continued to make a loss, booking a negative result of €25m in the third quarter, 4% higher than the same period last year.

The loss is due to reorganisation costs says ANP news service. Océ is cutting 1,100 jobs this year on top of the 1,250 axed in 2008.
Revenue in the third quarter fell 10% compared to a year earlier to €631m and was lower than analysts had expected. Analyst Eric de Graaf of Petercam told the Financieele Dagblad that the results were ‘poor’. He said that it is clear that the market is still weak and will remain so for the time being.
In a statement, Rokus van Iperen, Océ chairman said: ‘For the fourth quarter we anticipate markets will remain challenging, although we are noticing early indications of bottoming out in some US markets. In the current economic climate we will continue to cut costs aggressively, in order to regain profitability. Our stringent cost-cutting programs, innovative product portfolio and distribution strengths will help to weather the economic storm.’

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