OneSteel Limited posts its interim results

OneSteel Limited posts its interim results

Australian mill OneSteel Limited has recently posted its interim results, including the six-month period ended on December 31, 2003. Accordingly, the company reported after tax profit as $45.5 million, which is down by 17.1% against $54.9 million recorded in the same period of previous year. This figure was recorded as $39.1 million in the previous six-month period. This decrease is stated to be recorded as a result of strong Australian Dollar leading cheap steel imports to rise and higher raw material costs. Sales revenue increased by 2.7% to $1.5 billion, domestic sales grew by 2.4% to $1.52 billion, export sales increased by 14% to $46.3 million. Moreover, operating cash flow, with free cash flow of $11.4 million, is recorded as $22 million against $76.1 million recorded in the same period of previous year. The company's net debt is recorded as $497 million, indicating a decline of 3.1% against December 2002. In line with these figures, the company expects its full year profit to be between $78-90 million.