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[September 2002]
Major International Refractories Group Confirms Turnaround
RHI Group reported good business development with positive results in the second quarter of 2002 despite the ongoing weak industry cycle. Compared to 2001, RHI increased the operating result (EBIT according to Austrian OEHGB) by more than 60% to 40.6 million euro in the first half of 2002, despite the split from the US refractories activities and consolidated sales revenues that were down 30% due to changes in consolidation.With net income for the period amounting to 18.8 million euro, RHI met the half-year targets of the capital restructuring and confirmed the turnaround. The group said that an important step in focussing RHI on the core business Refractories was realised through the sale of the Engineering Division, which was successfully completed in the first half of 2002.
RHI's consolidated sales revenues amounted to 670.1 million euro in the first half of 2002 - the previous year's figure inclusive of the Refractories USA business was 952.1 million euro. Of this, approximately 527.2 million euro, around 80%, was accounted for by the core Refractories business. In the previous year, Refractories sales revenue (inc USA business) amounted to 783 million euro, with the figure comparable to the new structure being 500 million euro.
Refractories EBIT came to 48.7 million euro in the first half of 2002, with the EBIT margin therefore amounting to 9.2%. This was represented by 8.9% in Q1 and 9.6% in Q2.
ENDS