DUISBURG (dpa-AFX) - German metals trader Klöckner & Co. SE (KCO) Friday said it continues to target EBITDA, a key earnings metric, of between 50 million euros and 60 million euros in the current quarter.
The company stated that while its bottom line in the first quarter was still a net loss, it expects to close both the second quarter and the first half year in profit.
In its first quarter, the company recorded a net loss of 14 million euros and EBITDA of 16 million euros.
For the full year, the company expects to generate EBITDA substantially above the 86 million euros adjusted prior-year figure and, with the aid of lower borrowing costs, to return to positive net income, amid the ongoing upheavals on the global steel markets.
The company noted that EBITDA in 2015 was severely hit by market upheavals.
Copyright RTT News/dpa-AFX