none

Bluescope Steel back in the black

31-08-2010
by 
in 
Bluescope Steel back in the black

Bluescope Steel has returned to profitability thanks to improved performances from its Asian and North American businesses.

The Melbourne-based group has posted a wafer-thin net profit of $3.7 million for the six months to December — a turnaround from a loss of $23.8 million for the same period a year earlier, reports AAP.

It follows full-year losses of $84 million for the year to last June and more than $1 billion the previous financial year.

Underlying profit, which excludes one-off items, was $49.1 million, a turnaround from a $1.6 million loss a year ago.

BlueScope, run by chief executive Paul O’Malley, said the result was boosted by a 62 per cent improvement in earnings, to $50.9 million, from the company’s Asian and North American building products division.

It was also helped by a 48 per cent earnings lift, to $48.7 million, from its North Star BlueScope Steel business, also in North America.

BlueScope’s Australian coated and industrial products division made a loss of $900,000, compared with last year’s $2.4 million profit.

The company’s building components and distribution business dragged on the result, with an underlying earnings loss of $10.9 million, compared with last year’s $7.1 million loss.

BlueScope says it expects its second-half profit to be roughly in line with the first half.

The company did not pay an interim dividend.

Related news & editorials

  1. 07.09.2018
    07.09.2018
    by      In
    Fifteen companies from Victoria and South Australia have been named as recipients of almost $19 million worth of grants under the second and final phase of the government’s Advanced Manufacturing Growth Fund.
    The $47.5 million fund was set up in the 2017-18 Budget as part of a $100 million package... Read More
  2. 03.09.2018
    03.09.2018
    by      In
    Australian manufacturing continued its inexorable march forward during August, with the Ai Group’s Australian PMI rising back into high growth territory at 56.7 – up from July’s 52.0, which had suggested that growth was slowing. The August figure marks the 23rd consecutive month of expansion.... Read More
  3. 01.08.2018
    01.08.2018
    by      In
    The sustained growth of Australian manufacturing industry slackened off in July with the Ai Group’s Australian PMI dropping to 52.0 – down from 57.4 9 in June and further down from its high point of 63.1 in March 2018.
    However, the sector continues to grow, albeit at a slower rate, and the July... Read More
  4. 11.07.2018
    11.07.2018
    by      In
    “The National Electricity Market is largely broken and needs to be reset,” said ACCC Chair Rod Sims in launching the final report of the Australian Competition & Consumer Commission’s Retail Electricity Pricing Inquiry.
    Sims went on to acknowledge that: “Previous approaches to policy,... Read More