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[December 2002]
Nine-Month Results for RHI
Refractories group RHI AG increased EBIT by 273% for the first nine months of 2002, taking it to 67.8 million euro. This leap was realised despite the split from the US refractories activities and the sale of Engineering.The result from ordinary activities (EBT) in the first nine months of 2002 was 46.7 million euro. After tax, a positive net income for the period of 35.2 million euro remained for the RHI Group. This means, said the company, that RHI had thus surpassed the business plans and earnings targets set in the course of the capital restructuring plan by a clear margin.
80% of RHI's consolidated sales revenue was accounted for by the core business Refractories. In the first nine months, this figure was 797.2 million euro. In the same period in 2001 - including the activities in the USA which they had at the time - the figure was 1.156 billion euro. The figure comparable to the new structure was 774.4 million.
The positive development of the group's EBIT was mainly attributable to the excellent performance of the Refractories Division in the third quarter, in which the EBIT margin - at 10% - reached a double-digit quarterly figure for the first time.
In the first nine months of 2002, the Refractories EBIT amounted to 75.8 million euro (previous year including USA was 22.9 million euro) with the EBI margin at an excellent 9.5%. RHI said that the outlook for Refractories was considered to be positive for the first quarter of 2003 in view of the continuing good level of incoming orders for 2002.
ENDS