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Puma AG comes out red with a 1st half profit. (athletic shoe manufacturer)
Puma AG comes out of red with a 1st half profit PARIS -- Puma AG last week said it posted a group net profit of 2 million marks ($1.047 million) in the first half of 1989, indicating the West German athletic footwear company may finally be turning the corner after several difficult years.
Hans Woitschatzke, chairman of Puma's management board, predicted Puma will show a profit for the entire 1989 year, though he declined to say how large it might be. Puma dipped into the red in 1988, after losing 32 million marks ($16.75 million) in 1987 and 40 million marks ($20.9 million) in 1986.
Woitschatzke said group sales will fall for the second year in a row. This …
