The results were better than expected following a profit warning earlier in the year, but according to Christian Knapp, UK managing director at KBA, the group "remains cautious" for its final year results.
In a statement released this morning, the company blamed a "slump in demand in key markets such as the US", and the abrupt tightening of credit lines for customer investments, for a 12.5% fall in group order intake to 30 September.
"The 15.8% contraction in new orders for sheetfed presses was particularly painful," the statement said.
However, this fall was offset by web and special press sales and the shipment of large newspaper press lines to India.
To compensate for the falling revenues, the press manufacturer announced plans to cut 600 of its 3,600-strong workforce as it consolidates its factories in Germany, Austria and the Czech Republic.
Knapp said that the company had entered into consultation over the losses of four jobs in the UK, which he said was part of a "housekeeping exercise" as the company prepared for a difficult 2009.
KBA posts profit despite financial crisis
KBA has reported a profit for the past nine months but warned of job cuts as it shares the sector experience of "dramatic knock-on effects from the current financial turmoil on its export business".
