Trumpf Group said demand for its products dropped in the last year, reducing the European multinational company’s estimated profits.

Company officials peg its preliminary profits in the tens of millions of euros (1 euro equals $1.41 U.S.) for the fiscal year that ended June 30. Overall sales dropped 23 percent to $2.3 billion U.S.

Despite the negative news, Trumpf President Nicola Leibinger-Kammuller said he was not unhappy.

“Our flexible tools that allow us to quickly adapt production and working hours to demand have so far proven their value,” he said. “We reacted quickly to the global economic crisis, were able to reduce and achieve an acceptable income before taxes during the past fiscal year as a result.

“Given the current situation, I would call that a success,” he added.

The company expects orders received to decline 35 percent, reflecting drops in all business divisions. Only the medical technology division reported any sales increase, officials said.

Final 2008-2009 figures are to be released Oct. 20.