June 1, 2017 / 5:55 AM / a year ago

Steelmaker Voestalpine's full year core profit tops guidance

VIENNA, June 1 (Reuters) - Austrian specialty steelmaker Voestalpine reported on Thursday a 3.1 percent increase in its full-year core profit, helped by solid demand from the automotive industry and an improved oil and gas sector.

Adjusted earnings before interest and tax (EBIT) increased to 839.9 million euros ($943.96 million) in its financial year, which runs through March, the group said in a statement. That beat its own forecast that core profit would stay flat.

“The Voestalpine Group should record strong revenue and earnings in the first half of the new business year, with figures significantly higher than in the same period of the previous year,” the statement said. ($1 = 0.8898 euros) (Reporting by Kirsti Knolle; editing by Francois Murphy)

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