Australian steelmaker BlueScope Steel Ltd has released its financial results for the first half of FY 2009.
During the period in question, BlueScope's net profit after tax registered an increase of 250 percent year on year to AU$407 million ($265 million) from AU$116 million ($75.48 million) in the corresponding period of the previous year, while its half year underlying profit increased by 57 percent year on year to AU$479 million ($312 million). The company's EBITDA reached AU$857 million ($557 million) from the AU$502 million ($326.6 million) of the year-ago period, while its half year underlying EBITDA increased to AU$946 million ($615 million) from AU$668 million ($434.5 million) in the first half of fiscal year 2008.
Commenting on the results, BlueScope chief executive Paul O'Malley said, "It was driven by a strong first quarter before the global recession dampened demand for steel both in Australia and internationally. We are also seeing lower international steel prices while still experiencing peak raw materials costs."
Mr. O'Malley said the outlook for the second half of the year was weaker than initially anticipated, warning that lower demand and prices, coupled with high raw material prices, would continue, and stating that they were expecting to see a negative underlying (profit) contribution in the second half.