ThyssenKrupp's earnings above expectations

German steelmaker ThyssenKrupp said Friday that earnings came out higher than expected in the second quarter of 2005/2006 financial year thanks to the positive performance of its steel division and one-off gains. The company's pre-tax profit rose 73 percent year on year to Euro 773 million ($995 million) in the three months to March. On the other hand, net profit fell from Euro 1.07 billion ($1.38 billion) to Euro 441 million ($569.8 million) largely due to the changes in the structure of the group. Second-quarter sales were up 11 percent to Euro 11.8 billion ($15.2 billion) and new orders rose 14 percent to Euro 12.8 billion ($16.5 billion). ThyssenKrupp indicated that steel division benefited from continuing high demand and rising prices.