voestalpine sees profit increase amid general economic recovery

Friday, 18 February 2011 17:19:52 (GMT+3)   |  
       

In the first three quarters (ended December 31) of FY 2010-2011, Austrian steelmaker voestalpine AG increased its revenues by 26.2 percent year on year to about €7.934 billion favored by the general market trend, though the economic recovery showed the first signs of stagnation for steel products during the during Q3, when voestalpine's revenues nevertheless increased for the sixth time in a row, rising by 4.1 percent quarter on quarter to €2.745 billion.
 
The improved economic situation was even more clearly reflected in the development of the results, which were even more notable than the increased sales revenues. In the first three quarters of FY 2010-2011 voestalpine's EBITDA rose by 66.7 percent to €1.107 billion, which is equivalent to an EBITDA margin increase from 10.6 percent to 13.9 percent, while its net profit amounted to €400.3 million, up from €51.6 million in the year-ago period.
 
voestalpine said the demand for its high-quality steel used by the automobile and commercial vehicle industry, machine construction, consumer goods industry and predominantly also by the energy sector and railway infrastructure, had grown steadily since the beginning of the year with only the construction and construction supply industry still struggling to recover.
 
voestalpine ups outlook amid strong results in Q3
 
"For voestalpine, the current economic environment will lead to stable full capacity with a relatively secure price level in all divisions, at least until summer 2011. Taking into account the development of results in Q3, which were significantly higher than original expectations, and despite the seasonal effects of Q4 (1st calendar quarter of 2011), an EBIT of around €850 million is on the horizon for the entire business year 2010-2011, which exceeds previous expectations," reads voestalpine's statement. 

Similar articles

Voestalpine’s steel division operates at full capacity in Q1 FY 2012-13

07 Aug | Steel News

Voestalpine’s steel division sees improved revenues in FY2011-12

30 May | Steel News

Voestalpine sees increase in revenues for April-December

15 Feb | Steel News

Voestalpine posts improved results for H1 FY 2011-12

22 Nov | Steel News

Austria’s voestalpine posts 19.4 percent rise in revenues for Q1 FY 2011-12

24 Aug | Steel News

Voestalpine’s steel division operates at full capacity in Q1 FY 2012-13

07 Aug | Steel News

Voestalpine’s steel division sees improved revenues in FY2011-12

30 May | Steel News

Voestalpine sees increase in revenues for April-December

15 Feb | Steel News

Voestalpine posts improved results for H1 FY 2011-12

22 Nov | Steel News

Austria’s voestalpine posts 19.4 percent rise in revenues for Q1 FY 2011-12

24 Aug | Steel News