RHI recorded all time high quarterly revenues in the second quarter of 2011, exceeding the record level of the second quarter of 2008 by more than 5%, in spite of an environment strongly characterized by insecurity. Compared to the same quarter in 2010, RHI Group’s second quarter 2011revenues increased by 9.7% to €437.1 million (~ $622 million). The Steel Division recorded a 13.2% growth in revenues; growth in the Industrial Division amounted to 3.1%. Second quarter 2011 sales volumes amounted to 503,194 metric tons, compared with 551,711 metric tons in the second quarter of 2008. The significant revenue per metric ton increase is primarily attributable to the increase in prices, which were necessary due to the rise in raw material costs in 2010.
The operating result of the second quarter, at €40 million (~ $56 million), was the same as the comparable period of 2010 of €40.8 million (~ $58 million), with the second quarter 2010 containing a positive one-off effect of €7.9 million (~ $11 million). The operating result margin, at 9.2%, still lagged behind that of the same quarter of 2010 at 10.2%. Compared to the first quarter of 2011, the RHI Group increased revenues by 5.6% and the operating result by roughly 37% in the second quarter of 2011. The operating result margin of 7.1% of the first quarter of 2011 was raised by 200 basis points.
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