Andritz slashes dividend after earnings slump

viernes 28 de febrero de 2014 03:04 GYT

VIENNA Feb 28 (Reuters) - Austria's Andritz slashed its 2013 dividend after earnings slumped on cost overruns at a South American pulp mill and restructuring costs for recently acquired Schuler Group.

The engineering firm said on Friday it would propose a dividend of 0.50 euros per share, down from 1.20 euros per share in 2012.

Andritz said it swung to a net loss of 12 million euros ($16 million) in the fourth quarter from a profit of 76 million euros in the year-ago period.

It said it expected a significant improvement in net income in 2014 and a slight rise in sales. ($1 = 0.7309 euros) (Reporting by Georgina Prodhan; Editing by Michael Shields)