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. 22.01.2019
    22.01.2019
    by      In
    Six companies will share $2 million in the January 2019 round of the federal government’s $23 million Incubator Support initiative, which helps Australian startups in key sectors like agricultural technology, hardware development and advanced manufacturing.
    The Minister for Industry, Science and... Read More
  2. 08.01.2019
    08.01.2019
    by      In
    Despite having finished 2018 with one of the most positive outlooks in the last 7 years, employers across the manufacturing sector are reporting a more cautious outlook for recruitment in Q1 2019, according to ManpowerGroup.
    The ManpowerGroup Employment Outlook Survey collects data from more than... Read More
  3. 08.01.2019
    08.01.2019
    by      In
    The two-year-plus “bull run” of the Ai Group’s Performance of Manufacturing Index came to an end in December, with the overall Australian PMI figure slipping below 50 for the first time since October 2016. The index fell 1.8 points to 49.5 in December, a result described by Ai Group Chief Executive... Read More
  4. 03.12.2018
    03.12.2018
    by      In
    Australian manufacturing continues to grow, according to the Ai Group’s latest Performance of Manufacturing Index, but the figures show some worrying signs. The Australian PMI for November 2018 remained in positive territory at 51.3, but at a full seven points below the previous month, this is the... Read More