Austrian specialty steel maker Voestalpine on Thursday posted a 3.3 percent drop in nine-month revenue to 8.1 billion euros ($8.65 billion), but reiterated its full-year guidance for adjusted core profit to reach 1.45 billion.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the nine months to end-December fell 12 percent to 1.06 billion euros.

However, stripping out one-off effects in the full-year 2015/16 would reduce this decline to 0.8 percent, Voestalpine said.

The company said it expects earnings to grow significantly in the fourth quarter on the back of rising raw material prices, an improved oil and gas sector and higher steel-contract prices.

 

Source:reuters.com

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