RHI AG (RXHKY.PK) said its first quarter profit was up to 32 million euros from 18.3 million euros last year.
Revenues grew to 436.9 million euros from 413.8 million euros in the prior-year quarter. While the Steel Division recorded an increase in revenues of 6.2%, revenues in the Industrial Division fell slightly by 1.1%
In a stable macroeconomic environment and with unchanged foreign currency exchange rates, RHI expects a similar level of revenues in the Steel Division in the second quarter, significantly higher revenues in the Industrial Division as well as a higher EBIT margin than in the first quarter of 2012.
Price increases and the cost cutting program initiated in 2012 in combination with a positive contribution to earnings of the higher level of backward integration leads the company to expect a higher margin for the entire year 2012 than in the past financial year.
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