Knorr Capital Partner posts positive results

Knorr Capital Partner AG has succeeded in generating positive results over the last nine months. At d73.5m, revenues from securities, commissions, and consulting showed a 65% increase over the previous year. Companies posting third-quarter revenues included Broadband Capital AG, telx Communication Corp. and the Company's various investments listed on the stock exchange. The Company posted earnings of c1.17 per share (previous year: c1.38 per share). At 11.9 % of overall revenues (previous year: 22.4%), the Company's post-tax profit margin declined. This corresponded to post-tax earnings of c8.75m – as compared to c9.97m for the same period last year. The Company has made structural adjustments due to the continued weakness of the market. The offices in Israel, Hungary, and other foreign locations were reduced to representative offices operated by partner companies. Additional adjustments have already been made in the areas of consulting capacity and overhead costs. The goal is to realize cost savings of 30% as compared to the current year's budget. The management board expects annual earnings per share to exceed c2.00. Factors impacting earnings include, on one hand, the planned tax-free sales of foreign investments in the fourth quarter and, on the other hand, the positive effects from converting the annual financial statements and the Company's accounting policies to conform to the stricter US GAAP guidelines for investment companies.

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• DACH