Automotive components and defense equipment maker Rheinmetall AG (RNMBF.PK) Friday said profit in the second quarter more than doubled from last year, amid higher revenues. The company backed its full year goals.
Net income attributable to shareholders of the company surged to 57 million euros from 25 million euros.
Earnings per share were 1.50 euros, up from last year's 0.65 euros.
Revenues for the quarter were 1.144 billion euros compared to 1.048 billion euros last year.
For the first half of the year, earnings before interest and taxes or EBIT totaled 127 million euros, as in the previous year, as improvement in earnings in the Automotive sector was offset by weaker earnings in the Defence sector.
Consolidated sales climbed 9 percent to 2.253 billion euros in the first half of the year.
Klaus Eberhardt, CEO, said, "With significant sales growth and stable earnings, the Group remains on a robust course for growth. Assuming that economic conditions do not deteriorate further in the second half of the year, we are sticking to our Group targets for 2012.''
Yet, Eberhardt said that on the basis of the earnings performance so far, achieving the corporate targets in Defence is sure to be a particular challenge in the coming months.
Rheinmetall continues to expect consolidated EBIT to remain unchanged year-on-year in fiscal 2012.
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