Germany-based steelmaker ThyssenKrupp has announced its financial results for the first nine months ended June 30 of the fiscal year 2015-16.
In the given period, ThyssenKrupp registered a net profit of €115 million, decreasing from the net profit of €279 million recorded in the corresponding period of the previous year. Meanwhile, ThyysenKrupp's adjusted EBIT from continuing operations decreased by 20.6 percent year on year to €1 billion.
During the given period, ThyssenKrupp's order intake amounted to €28.23 billion, falling 9.3 percent mainly due to the sharp drop in prices, while the company's sales revenue decreased by 9.1 percent to €29.26 billion, both year on year.
ThyssenKrupp stated that the first nine months of the fiscal year were characterized as expected by the very difficult conditions in the materials markets and continued high steel imports, though the company expects that the recent initial improvements in material prices will impact favorably on its future earnings.
For the full year, the company expects to achieve adjusted EBIT of at least €1.4 billion and net income level with the previous year’s result of €268 million. The efficiency program of the company is expected to contribute EBIT effects of at least €850 million.