Austrian steelmaker voestalpine AG has announced its financial results for the financial year 2016-17 ended March 31.
Accordingly, voestalpine's net profit in the given year increased to €527 million, down 12.5 percent compared to the previous financial year. The revenues of the company amounted to €11.29 billion, up two percent year on year. In the given period, the company's EBITDA was €1.54 billion, decreasing by 2.7 percent year on year, while the adjusted EBITDA margin rose to 13.6 percent from 13.1 percent recorded in the previous year.
The company stated that demand in many customer segments at the beginning of the new financial year of 2017-18 is much more positive than it was a year ago. Accordingly, voestalpine expects a strong, significantly higher revenue and earnings performance for the first half of the year compared to the same period in the previous year. Meanwhile, the company-wide program of optimizing costs and raising efficiency currently being implemented is also expected to make the company more competitive.