German ThyssenKrupp posts solid profit for 2009/10
The German conglomerate ThyssenKrupp said on Tuesday that it had returned to profit in its last fiscal year and expected further sales and earnings growth in 2010/11.
Adjusted pre-tax profit shot up to 1.03 billion euros (1.34 billion dollars) from a loss of 1.076 billion in the previous year, a statement said.
The group, which makes steel, elevators, submarines, auto parts and provides industrial services, has a fiscal year that runs from October through September.
When exceptional items were included, profit reached 1.14 billion euros, compared with a loss of 2.36 billion in the 2008/2009 exercise.
Sales gained five percent to 42.62 billion euros, in part owing to a pick-up in the auto sector.
"In 2010 the global economy recovered from the deep recession faster than expected a year ago," the group explained.
In the 2010/11 fiscal year, ThyssenKrupp forecast sales growth of between 10 and 15 percent, and said core earnings should come in close to two billion euros, up from 1.2 billion this time around.
© 2010 AFP