RHI Half-Year Results Confirm Turnaround
September 3, 2002
RHI Group reported a good business development with positive results in the second quarter of 2002, despite the ongoing weak industry cycle worldwide. Compared to 2001, RHI increased the operating result (EBIT according to OHGB) by more than 60% to EUR 40.6 m in the first half of 2002, despite the split from the U.S. refractories activities and consolidated sales revenues that were down 30% due to changes in consolidation. With net income for the period (OHGB) amounting to EUR 18.8 m, RHI met the half-year targets of the capital restructuring and confirmed the turnaround. An important step in focusing RHI on the core business of refractories was realized through the sale of the Engineering Division, which was successfully completed in the first half of 2002.
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