December 02, 2008

RHI 9 months profits dip by 38% YoY

The Austrian refractories company RHI on reported that its group profit decreased by 38.1% YoY o EUR 81.8 million in the first three quarters of 2007.

RHI group said that its profit before income taxes from continuing operations was up by 19.9% YoY to EUR 95 million. Earnings before interest and taxes increased by 25.9% YoY to EUR 122.8 million and revenues were also up by 10.1% YOY to EUR 1.099 billion.

RHI expects the positive sales and earnings trend to continue for the remainder of 2007, despite the weakness of the US dollar remaining a risk factor for the European export industry. Price increases and availability of raw materials remain another factor under consideration. Glass and steel industries in particular continue to drive demand.

The Austrian based company produces non substitutable refractory products needed for all industrial high temperature process