ThyssenKrupp’s first quarter income for year 2002-2003
German steelmaker ThyssenKrupp reported last week its income for the first quarter of fiscal year 2002/2003 for the period ending December 31, 2002. Company's pre-tax profit has reportedly increased to €141 million from €28 million, when compared to the same period previous year. It is also stated that no non-recurring effects played a role in achieving this result. Furthermore, sales showed a 4% increase and reached to €8.7 billion compared to a year earlier, while crude steel production increased 9% to 4.3 million tons. Besides EBITDA grew up to €588 million where in the comperable quarter of the previous year it was 17% lower. A top level official expressed that despite the negative economic prospects the company is expecting a significant increase in both pre-tax earning for the second quarter compared to the same quarter previous year and full-year earnings for fiscal year. However, it is impossible to make a good prediction for the second half of the fiscal year 2002-2003 under the current economic circumstances, he added.