By Nathan Allen
Thyssenkrupp AG (TKA.XE) said Tuesday that net profit rose in the first quarter of its fiscal year, and provided an update on the planned separation of its businesses.
The steel-and-technology company said net profit in the October-December period rose nearly 70% to 136 million euros ($153.7 million) from EUR81 million a year earlier.
In the year-earlier period Thyssenkrupp's earnings took a hit from the effects of U.S. tax reforms.
Sales edged up to EUR9.74 billion from EUR9.54 billion, while orders rose 8% to EUR10.11 billion, the company said.
Thyssenkrupp said the separation of its businesses into two separate companies is fully on schedule and the two companies are set to begin operations in October.
General and administrative costs for both companies should be below EUR300 million in FY21, the company said.
Thyssenkrupp confirmed its financial forecasts for the current fiscal year but warned economic and political uncertainties are growing.
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