ATB braces for sky-high losses

Struggling engine manufacturer ATB Austria Antriebstechnik AG (ATB) has warned shareholders it could have suffered immense losses last year.The Vienna-based company – which runs factories in the Austrian province of Styria, Germany, Great Britain and Serbia – said yesterday (Thurs) its annual loss could be higher than half of its nominal capital. ATB added that the announcement of its 2010 performance figures will not take place by the end of this month but in May or June.ATB, which focuses on the production of electric engines, explained it will inform its shareholders about regrouping and cost-cutting measures at an extraordinary general meeting in Vienna on 16 May.One ATB share was worth 1.85 Euros at the Standard Market Auction of the Vienna Stock Exchange (WBAG) at 2pm today.ATB is part of A-Tec Industries AG (A-Tec), the bankrupt company of Mirko Kovats. A-Tec opted for controlled insolvency proceedings – which are still ongoing – in October 2010. The decision came as somewhat of a shock for many analysts as the firm – which has around 12,000 employees – had a turnover of three billion Euros in 2009.