Australian steelmaker BlueScope Steel has posted a net profit of A$359.1 million for the first half ended on December 31 of the financial year 2016-17, increasing compared to the net profit of A$200.1 million in the same period of the previous financial year.
When the same periods are compared, BlueScope's sales revenues increased by 17 percent to A$5.19 billion, due to 100 percent ownership of North Star BlueScope Steel from the end of October 2015, higher dispatch volumes in the Building Products (BP) and BlueScope Buildings (BB) segments, higher domestic and export prices, and stronger domestic demand in the Australian Steel Products (ASP) segment. In the given period, BlueScope increased its underlying EBIT by 162 percent year on year to A$603.6 million, generated through delivery of productivity and cost improvements, sales growth, improved steel spreads, and also the benefit of the North Star acquisition.
In the second half of the financial year 2016-17, the company expects its underlying EBIT to be nearly 50 percent higher than the A$340.4 million recorded in the second half of the previous financial year, subject to market conditions.