RHI AG recorded an upward trend in revenues and a strong
increase in earnings in the first quarter of 2010.
The group’s revenues increased by 8.4% to €342.2 million (approximately
$421.9 million), compared to the same period in 2009 (€315.8 million or ~ $389.3
million). The group’s EBIT rose by 124.8% to €31.7 million (~ $39.1 million),
compared to the first quarter of 2009 (€14.1 million or ~ $17.4 million). The
EBIT increased 4.5% to 9.3%. The strong earnings development was due to better
capacity usage, earnings effects of the cost optimization program implemented
in 2009, and the success of the company’s new plant concept, which provides for
maximum flexibility.
RHI benefitted from its global positioning in the Steel and
Industrial Divisions in the first quarter of 2010; the Steel Division, in
particular, recorded substantial growth. Based on RHI’s good market position
and growing demand product, prices remained stable.
Compared with the fourth quarter of 2009, the first quarter
of 2010 showed a largely stable development. With revenues improving (€336.7
million or ~ $415.1 million in the fourth quarter of 2009), the operating
result remained constant at €33.6 million (~ $41.4 million). In the fourth
quarter of 2009, EBIT contained impairment losses and restructuring expenses of
roughly €11.5 million (~ $14.2 million). In the first quarter of 2010, these
amounted to €1.9 million (~ $2.3 million).
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