VIENNA, Aug 9 (Reuters) - Austria’s specialty steel maker Voestalpine reported an expected 55 percent decline in its first-quarter operating profit on Tuesday, due to continuously low prices, overcapacity in the sector and one-off effects.
Earnings before interest and tax (EBIT) fell to 168 million euros ($186.06 million) compared to last year’s period but were higher than the previous quarter’s 161.8 million euros.
Analysts polled by Reuters had on average expected EBIT to reach 167 million euros for the April-June period.
Last year’s figure was boosted by non-recurring effects of 132 million euros following the full consolidation of two subsidiary companies.
The Linz-based company reaffirmed it expects to reach an operating profit in its current year close to last year’s level. ($1 = 0.9029 euros) (Reporting by Kirsti Knolle; Editing by Shadia Nasralla)