AMAG Austria Metall AG Reports Earnings Results for the Second Quarter and First Half Ended June 30, 2016; Revises Earnings Guidance for the Year 2016
August 02, 2016 at 02:32 am EDT
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AMAG Austria Metall AG reported earnings results for the second quarter and first half ended June 30, 2016. For the quarter, the company reported revenue of EUR 233.6 million compared to EUR 240.5 million a year ago. EBITDA was EUR 40.7 million compared to EUR 34.3 million a year ago. EBIT was EUR 23.8 million compared to EUR 17.0 million a year ago. Net income after taxes was EUR 18.2 million compared to EUR 9.4 million a year ago. Cash flow from operating activities was EUR 34.5 million compared to EUR 13.1 million a year ago.
For the first half, the company reported revenue of EUR 461.4 million compared to EUR 471.5 million a year ago. EBITDA was EUR 73.4 million compared to EUR 68.9 million a year ago. EBIT was EUR 39.3 million compared to EUR 34.3 million a year ago. Net income after taxes was EUR 25.9 million compared to EUR 21.5 million a year ago. Cash flow from operating activities was EUR 69.6 million compared to EUR 26.6 million a year ago.
Taking the positive earnings trend during the first six months into account, planned maintenance works during the second half of the year, and current market conditions, the EBITDA forecast for the 2016 financial year is raised to a range between EUR 120 million and EUR 130 million. The EBITDA range published in the first quarter of 2016 report was stated between EUR 110 million and EUR 125 million.
AMAG Austria Metall AG is an Austria-based holding group company. It manages its business through four operating divisions Metal, Casting, Rolling and Service. The Metal Division includes the 20 % interest held in the Alouette smelter, and is responsible within the AMAG Group for the production of primary aluminium, the control of metal flows, the hedging of AMAGâs operating companies against aluminium price risk and the marketing of primary aluminium. Casting Division recycles aluminium scrap in order to produce high-quality casthouse alloys. Its product portfolio covers aluminium materials tailored to customer requirements in the form of ingots, sows and liquid aluminium. Rolling Division is responsible for the production and sale of rolled products (sheets, coils and plates), as well as precision and rolled plates. The rolling mill specialises in premium products for selected markets. Service Divisionâs portfolio includes facility management (building and area management).
AMAG AUSTRIA METALL AG 
