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Rheinmetall cuts profit forecast on banned deal with Russia

August 07, 2014, 14:07 UTC+3 BERLIN
According to the company, this will cause financial difficulties as soon as this financial year
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© EPA/MATTHIAS BALK

BERLIN, August 07. /ITAR-TASS/. German defense concern Rheinmetall is forced to revise downwards operating profit forecast for 2014, the company’s press release said on Thursday.

According to the company, this will cause financial difficulties as soon as this financial year. Therefore, the forecast for Defense sector’s operating result has been cut from the previous €85-95 million to €65-75 million.

The step followed as the German government revoked the permit for implementation of Rheinmetall deal with the Russian army for combat training centre construction in the Russian settlement of Mulino. The ban was explained with the events in Ukraine.

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