On August 16, the largest Australian steelmaker BlueScope announced its fiscal results for the financial year 2009-10 (FY 2009-10) ended on June 30, reporting increased profit compared to the previous financial year.
BlueScope posted a net profit of AU$126 million ($113 million) in FY 2009-10, compared with a profit of AU$56 million in FY 2008-09. When the same periods are compared, the company's sales revenues fell 17 percent from AU$10.32 billion to AU$8.62 billion ($7.69 billion). BlueScope's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of AU$605 million ($540.8 million) in FY 2009-10 was 13 percent up from AU$536 million in the previous financial year. The company's net debt increased by AU$13 million year on year to AU$743 million ($663.9 million) in FY 2009-10.
Speaking at the full-year results briefing in Sydney, Managing Director and CEO, Mr Paul O'Malley, said: "Given the unprecedented circumstances of FY2008-09 and the challenging business environment in FY2009-10, I am pleased with the improvement in our overall business performance.