At just €200,000 ($270,000), the third-quarter profit barely scratches the surface of the losses the Sulzemoos-based company piled up over the past few years. Phoenix’s losses totalled more than €120m in 2011-2012.
Still, it signifies a turning point in Phoenix’s recovery efforts, the company having earlier this year completed a sweeping restructuring process and replaced founder and long-time chief executive Andreas Hänel with chief financial officer Bernd Köhler.
Phoenix’s
