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

In the first quarter (ended June 30) of the financial year 2011-12, Austrian steelmaker voestalpine AG increased its revenues by 19.4 percent year on year to about €3.05 billion thanks to the continuing positive economic trend resulting in a further boost in sales and a substantial increase in the operating result.
 
In the first quarter of FY 2011-2012, voestalpine's EBITDA rose by 31.9 percent year on year to €462.9 million, which is equivalent to an EBITDA margin increase from 13.7 percent to 15.2 percent. Net income of the company in the given period came to €209.6 million, up by 75 percent compared to the previous year.
 
Voestalpine stated that crude steel production in the first quarter of FY 2011-12 amounted to 1.99 million mt; however, it will have to be reduced in the second quarter of 2011-12 by about 12 percent due to the last phase of expansion and extensive renovation of the hot rolling mill as well as the commissioning of the new continuous casting facility No. 7.
 
During the given period, the investments of the voestalpine Group amounted to €117 million. This represents a rise in investment expenditure by 46.3 percent or €37 million compared to last year's figure (€80 million) which was even lower due to the effects of the crisis.