Bulging order book puts ThyssenKrupp on course

Berlin: German manufacturer and steelmaker ThyssenKrupp confirmed its objectives for its full financial year on Thursday, saying it was confident after a solid third quarter with continued growth in orders. Net profits at the group reached 120 million euros between April and June, some 8.0 per cent lower than the same period in 2015-16.
But revenues grew 11 per cent to reach 10.9 billion euros, while operating, or underlying profits grew 41 per cent to reach 620 million euros on an adjusted basis.
Meanwhile, “in the first nine months of the year we received more than 32 billion euros of new contracts… it’s especially satisfying that all business areas contributed,” Chief Executive Heinrich Hiesinger said in a statement.
In the third quarter of the firm’s financial year, which ends September 30, new orders grew by 14 per cent for the group’s products, which range from steel to elevators, submarines, car parts, and ready-to-use industrial plants. — AFP

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