German industry giant ThyssenKrupp on track to meet targets

GMT 12:24 2015 Thursday ,13 August

Arab Today, arab today German industry giant ThyssenKrupp on track to meet targets

German heavy industry giant ThyssenKrupp
Frankfurt - AFP

German heavy industry giant ThyssenKrupp said Thursday it is confident of meeting its full-year profit targets after a "positive" performance in the third quarter and during the first nine months.

ThyssenKrupp, which runs its business year from October to September, said in a statement that it was "on track to meet its targets for the 2014/2015 fiscal year."

The executive board expected a "clear improvement" in both underlying and net profit, it said.

"The full-year forecast has been confirmed on the basis of the group's good operating performance in the first nine months and in the third quarter."

Sales and profits "increased again significantly in the reporting period... reflecting the progress we have made in implementing measures to increase efficiency," said chief executive Heinrich Hiesinger.

ThyssenKrupp, which is active in steel, and also makes elevators, industrial plant technology, submarines and car parts, booked net profit of 199 million euros ($221 million) in the period from April to June, up from 48 million euros in the second quarter and 42 million euros in the third quarter a year earlier.

Orders rose by 4.9 percent to 10.65 billion euros and sales were up 4.3 percent at 11.18 billion euros.

"The targets for the full year 2014/2015 were confirmed," ThyssenKrupp said.

"The executive board expects a clear increase" in underlying profit, with all business areas, aside from its steel operations in the Americas, expected to "generate significant positive contributions."

Full-year net profit was also projected to show "a significant improvement" from the figure of 195 million euros a year earlier.

Sales were expected to grow by a "mid single-digit percentage rate" -- or around five percent  -- from 41.2 billion euros previously, ThyssenKrupp said.

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