RHI Magnesita profit rises as industrial division offsets weakness in steel
Source - SMW
Refractory product supplier RHI Magnesita booked a rise in first-half profit, as a strong performance in its industrial division offset weakness in its steel unit.
Pre-tax profit for the six months through June jumped to €164.7m, up from €89.9m on-year.
Revenue rose 2.2% to €1.54m and adjusted Ebita rose 12% to €234m.
RHI Magnesita declared an interim dividend of 50 euro cents per share.
'I am pleased to announce a robust financial performance in the first half of 2019, which has seen a very strong performance from our industrial division, offsetting a slightly softer performance from the Steel Division in more challenging market conditions,' Stefan Borgas said
'In the second half of this year, we expect the current market uncertainty to continue, which with poor visibility, there is the possibility of reduced customer inventories.'
'However, the self-help measures at our disposal, the initial benefits of the price rise programme announced in April and the momentum in our industrial division underpin our confidence in further progress.'
'Consequently, management expectations for the full year operating results remain unchanged.'