ThyssenKrupp doubled its income

ThyssenKrupp doubled its income

According to the report released by ThyssenKrupp AG today, company's consolidated net income increased by two-fold in the fiscal ending on September 30, 2003. The income of the company increased to €512 million ($620 million) from €216 million ($261.7 million) recorded in the previous fiscal. Pre-tax earnings increased by 42.9% to €734 million ($889 million) from €419 million ($507 million). Earnings per share reached to €1.01, when compared with €0.42 of 2002, while pre-tax earnings per share amounted €0.89 against the previous fiscal's €0.48. Moreover, the company decreased its net debt by €4 billion since 2001. ThyssenKrupp's gearing (the ratio of net debt to equity) decreased from 57.2% to 55.5%. ThyssenKrupp officials also stated that the company has been negatively affected by the change at Euro/Dollar exchange rate. Due to this change, order intake of company decreased by 1% to €36 billion and sales dropped by 2% to €1 billion.