DUISBURG (dpa-AFX) - Kloeckner & Co (KCO) recorded best operating quarterly operating result since its IPO in 2006 driven by the positive steel price trend, extremely strict net working capital management and substantial effects from the Surtsey project. Looking forward, the Group projects a further very considerable increase in operating income before material special effects in the third quarter and a record in the full year.
Second-quarter operating income (EBITDA) before material special effects increased to 271 million euros from 11 million euros, prior year. Net income was at 215 million euros compared to a net loss of 111 million euros, last year. Profit per share was 2.13 euros compared to a loss per share of 1.11 euros.
Second quarter sales were up 57.8% to 1.8 billion euros from 1.2 billion euros, a year ago. Higher prices and increased demand led to very considerable sales growth, the company noted.
For third quarter, the Group projects operating income (EBITDA) before material special effects to between 200 million euros and 230 million euros. For the full year, it expects EBITDA in a range of 650 million euros to 700 million euros.
Copyright RTT News/dpa-AFX
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