Renk Reports Higher Orders but Lower Profit After Frigate Cancellation
Renk Group reported lower profit despite higher revenue and order intake for the first nine months of the year, citing higher impairment losses after Germany canceled its F126 frigate project.
By Michael HennesseyGerman gearbox maker Renk Group reported lower profit despite higher revenue and orders for the first nine months of the year, due to higher impairment losses after Germany canceled its F126 frigate project.The Frankfurt-listed company, which makes propulsion systems for the mil…