USTC profit plunges amid landslide case

The family-owned USTC conglomerate faced a drastic profit decline due to the bankruptcy of soil cleaning company Nordic Waste. The landslide incident at Nordic Waste significantly contributed to a plummet in earnings, with a pre-tax profit of 252 million DKK, down from 2.9 billion DKK the previous year. Nordic Waste’s collapse alone resulted in a 334 million DKK loss, while the shuttering of specific activities led to a 1.6 billion DKK total loss. USTC’s revenue also decreased from 150 billion DKK to 117 billion DKK year-on-year. The conglomerate, led by CEO Nina Østergaard Borris, anticipates a solid start to the new fiscal year despite the disappointing results. The landslide threat to the village of Ølst and local wildlife became widely known at the turn of the year. Potential compensation claims could impact the owning family after Nordic Waste’s bankruptcy on January 22.