Italian steel service center Centro Servizi Metalli S.p.A (CSM) has announced its financial results recorded in the first six months of 2011. The company is active in stainless steel thick plates and mechanical cutting and is listed on the Milan Stock Exchange.
According to the company statement: “While the stainless steel plate market grew by 27 percent in Europe, CSM group managed to increase its sales volume by 30 percent.” That performance lead to a consolidated 65 percent year-on-year growth in sales revenue, from €21.55 million in H1 2010 to €35.57 million in H1 2011.
In the meantime, CSM’s consolidated net profit reached €3.87 million (compared to €0.57 million in H1 2010), of which €2.21 million derived from the switch to the FIFO (first in, first out) from the LIFO (last in, first out) accounting technique.