BERLIN, June 8 (Reuters) - Austrian speciality steelmaker Voestalpine on Wednesday reported better than expected full-year profit, boosted by strong demand from the automotive industry and at its storage technology business.
Voestalpine said full-year net profit came in at 32 million euros ($38.97 million), up from a net loss of 216.5 million euros last year, and above an analysts’ forecast of a 56 million euro net loss.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 1.1 billion, down 4% year-on-year, but above the upper end of the full-year forecast Voestalpine had given in the previous quarter.
Voestalpine, which specialises in making finished parts for the automotive, aerospace and rail industries, said revenues dropped 11.4% to 11.3 billion euros, due to the coronavirus pandemic.
Business at its Aerospace and oil & natural gas units was hardest hit by the COVID-19 crisis, while demand at its Railway Systems segment was stable.
For the new fiscal year, Voestalpine expects EBITDA between 1.6 billion and 1.9 billion euros. It proposed a dividend of 0.50 euros per share. ($1 = 0.8211 euros) (Reporting by Riham Alkousaa Editing by Madeline Chambers)