ots Ad hoc-Service: RHI AG <AT0000676903> Further significant increase in earnings in second quarter 2000
Vienna (ots Ad hoc-Service) -
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RHI group posted clear increases in both sales revenue and operating result (EBIT) during the second quarter of 2000. Continued growth in the steel industry and the recently implemented cost-reduction measures led to further improvements in the earnings of the refractories division in Europe. Moreover, the ongoing integration of Harbison-Walker/GIT, since the start of the year has produced its first impact on earnings. The group EBIT in the second quarter of 2000 more than tripled that of the first quarter.
Overall, the RHI group reported sales revenue of EUR 566 million in the second quarter of 2000, up 10% on the year's first quarter (EUR 516 million). In addition to the normal seasonal rise in sales in the engineering, insulating, and waterproofing divisions, the refractories division reported increased sales in the second quarter. Together with the successful first quarter, RHI can boast half-year sales revenue of EUR 1,082.3 million, compared with EUR 743.9 million in the same period of the previous year.
The RHI group's earnings showed even greater gains in the second quarter. The EBITDA (earnings before interest, tax, depreciation, and amortization) rose to EUR 60 million in the second quarter of 2000, from EUR 37 million in the first quarter (+62%). This resulted in an EBITDA for the first half year of EUR 97 million, a doubling of the group's operational earnings in comparison with the same period the year before (EUR 46.9 million).
The RHI group's operating result (EBIT) in the second quarter of 2000 reached EUR 32.1 million, a threefold increase over the result of the previous quarter (EUR 9.0 million). At EUR 41.1 million, the EBIT for the first half year 2000 was more than three times higher than in the first half of 1999 (EUR 11.7 million).
For further information:
RHI AG: Peter Hofmann (Corporate Communications) Phone +43 1 50213-123 / Fax +43 1 50213-130 e-mail: peter.hofmann@rhi-ag.com Home page: http:// www.rhi.at
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Original content of: RHI Magnesita, transmitted by news aktuell