Salzgitter FY pretax nearly doubles on strong demand for steel UPDATE |
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Published
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Thu, 08 Mar 2007 08:38
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(Updates to add background on Vallourec stake sale)SALZGITTER, Germany (AFX) - Salzgitter AG said its full-year 2006 pretax profit nearly doubled to 1.85 bln eur from 941 mln eur thanks to strong demand for its tubes and rolled steel products and the sale of its 17 pct Vallourec SA stake.The figure beat the consensus forecast for a 2006 pretax profit of 1.79 bln eur.However, Germany's second largest steel maker said it does not expect to match this performance at the operating level in 2007.'In view of the end of the operating contribution from Vallourec coupled with trading margins returning to a normal level it would, however, appear too ambitious at this time to expect a repeat of the previous year's level,' the company said in its earnings statement.Salzgitter announced in August it had sold the stake for about 1.5 bln eur.Sales in 2007 are expected to remain 'virtually unchanged' compared to last year.Salzgitter said 2006 sales reached 8.45 bln eur, up from 7.15 bln eur and also above the 8.25 bln eur consensus forecast.Full-year net profit soared to 1.51 bln eur, up from 842 mln and matching the 1.51 bln eur consensus forecast by analysts.alfred.kueppers@afxnews.comamk/jlc/harCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Salzgitter FY pretax nearly doubles on strong demand for steel, divestiture 