KBA posts 31.1m first-quarter loss

Press manufacturer KBA has reported a 35.2m euro (31.1m) first-quarter loss as the "slack demand" that defined the last quarter of 2008 continued into 2009.

The result, which covers the period up to 31 March 2009, was in line with expectations, caused by a slump in demand for sheetfed presses, resulting in revenues for the division down by almost half to €76.8m compared with the previous quarter.

Sales in the web division experienced a 9% decline.

Overall continuing subdued demand in the German manufacturer's core European markets exacerbated the decline in sales.

KBA has instigated a cost-cutting drive, which will result in job losses and savings of "several hundred million euros".