SKW Metallurgie posts Q3 net profit of €1.07m on higher demand

12 November 2010 08:08  [Source: ICIS news]

SINGAPORE (ICIS)--Germany's SKW Metallurgie swung to a consolidated net profit of €1.07m ($1.47m) for the third quarter of 2010 from a net loss of €607,000 in the same period last year, on strong demand from the steel industry, the company said on Friday.

Revenue for the July-September quarter rose by 77.2% to €96.4m, while consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to €6.2m, up from €996,000 in the same period of 2009, the metal chemicals firm said in its quarterly report.

“We have succeeded in continuing the group’s dynamic growth in the third quarter. In addition to the economic recovery, which is better than expected, our strategic focus on the high-growth (Brazil, Russia, India, China) BRIC countries is also increasingly paying off,” said Ines Kolmsee, SKW Metallurgie’s CEO.

For the first nine months of 2010, the company posted a consolidated net profit of €6.82m, compared to a loss of €3.26m in the same period a year earlier, while revenue nearly doubled to €285.2m, the company said.

Meanwhile, EBITDA during the January-September period surged to €22.3m, up from €1.7m in the corresponding period of 2009.

The company was targeting full-year EBITDA of €27m in 2010, Kolmsee added.

($1 = €0.73)

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By: Nurluqman Suratman

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