Luxury TV, stereo maker Bang & Olufsen suffers fourth-quarter operating loss

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B&O now expects single-digit sales growth in the 2019-2020 year. (File/Shutterstock)
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Shares in the Danish company have fallen more than 70% over the past year. (File/Shutterstock)
Updated 11 July 2019

Luxury TV, stereo maker Bang & Olufsen suffers fourth-quarter operating loss

  • The company reported a fourth-quarter operating loss of $9.97 million
  • Sales for the financial year ending in May dropped 13.6 percent to $422.70 million

COPENHAGEN: Struggling luxury TV and stereo maker Bang & Olufsen (B&O) on Thursday swung to a fourth-quarter operating loss, but said it expected to return to sales growth this year with a plan to open more sales points and launch new products.
Shares in the Danish company have fallen more than 70 percent over the past year, reflecting weak TV sales and slow progress in its turnaround plan at a time when subdued consumer spending has hit retailers across Europe.
“Our unsatisfactory results were primarily due to difficulties related to the transition of our sales and distribution network and fewer product launches compared to last year,” said Chief Executive Henrik Clausen in a statement.




The company says the loss is in part due to a smaller amount of product launches this year compared to the last. (File/Shutterstock)

The company reported a fourth-quarter operating loss of $9.97 million, compared with a profit of $8.03 million in the same period a year earlier.
Full-year earnings before interest and tax (EBIT) fell roughly 50 percent to $8.91 million.
Sales for the financial year ending in May dropped 13.6 percent to $422.70 million, in line with the company’s revised expectations. It had initially forecast 10 percent growth.
B&O now expects single-digit sales growth in the 2019-2020 year and an EBIT margin above the 2.1 percent achieved in 2018-19.


Saudi female student pilot aims high with flying ambitions

Updated 24 min 26 sec ago

Saudi female student pilot aims high with flying ambitions

  • Amirah Al-Saif is among the first batch of 49 female students

DUBAI: Saudi women aiming to emulate Yasmeen Al-Maimani’s feat, the Kingdom’s first female commercial pilot, now have that opportunity as Oxford Aviation Academy has opened its doors for them to take flying lessons and earn their licenses.

One those women raring to earn her pilot wings is 19-year-old Amirah Al-Saif, who enrolled in the aviation academy to fulfill her dream of flying for the Kingdom’s national carrier Saudi Airlines (Saudia).

“They have been very supportive of us females,” Al-Saif, who hails from Riyadh, told Arab News at the sidelines of the Dubai Airshow, when asked about her experience at the academy.

Al-Saif is among the first batch of 49 female students, with six of them already in ground school, expected to receive their licenses by the start of 2021 after a grueling course that requires them to first learn English, Mathematics, Physics and other basic knowledge subjects.

She is also the first in the family to have an interest in the aviation industry.

Student pilot Amirah Al-Saif, right, who hails from Riyadh, is the first in the family to have an interest in the aviation industry. (Supplied)

Those who pass the foundation program can then move on to ground school for practical lessons and ideally graduate in two years with three licenses: the Private Pilot License, Instrument Rating and Commercial Pilot License.

Al-Saif considers herself lucky since she was not constrained take courses abroad for her pilot training, unlike Al-Maimani who had to leave the Kingdom to receive her license, as well as wait for a long time before being eventually hired by Nesma Airlines.

The flying school is located at the King Fahd International Airport in Dammam and is an authorized branch of Oxford Aviation Academy based in the UK.

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