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Vossloh Fastener Sales Hit by Chinese Project Delays
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2012-07-20
Vossloh AG reported an expected slow first quarter, primarily due to still ongoing project delays in China. The Group, however, reaffirmed its 2012 forecast and reported locomotive and local transport train business was accelerating appreciably.

For Quarter 1 2012, Vosslok AG reported a clear growth in locomotive, local transport train and traction system business. In contrast, revenue from rail fastening systems receded. Sales by the fastening systems business unit fell to 39.4 million euros (down from 65.8 million euros), the decline being largely due to the ongoing project delays in China. Vossloh reported: "Quarter 1 2012 saw barely any significant shipments of rail fasteners in China; the year-earlier period had still shown deliveries worth around 20 million euros. In Southern European markets, too, demand stayed tepid."
Group sales were 255.7 million euros, down slightly from 259.5 million euros. Order backlog showed strong growth and at 31st March 2012, the Vossloh Group's orders on hand of 1.59 billion euros were a new all-time high.
"We remain confident of achieving our budgeted figures for fiscal 2012. Our order backlog is a very clear endorsement of our growth prospects," said Werner Andree, Vossloh AG's CEO.
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2012-07-20

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