Mantova-based Italian steelmaker Marcegaglia Group has recently announced its financial results for 2010. According to the report, the steep growth of the company's sales revenue was not followed by a similar trend in net profit.
In 2010, Marcegaglia's sales revenue reached €3.84 billion, rising by 49 percent, while its EBITDA increased by 44 percent to €252 million and EBIT grew by 3.37 percent to €82.6 million (all year-on-year). Although the company posted enhancing balance sheet indicators, its net profit figure decreased by 67 percent compared to 2009 to €5.4 million.
According to Mercegaglia Group's report, the poor profitability is mainly attributable to the growth of extraordinary expenses, which reached €18.7 million last year after having amounted to 107,000 € in 2009. On the contrary, extraordinary incomes decreased from €24.5 million in 2009 to €5.4 million in 2010.