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BlueScope Steel Limited (ASX:BSL) expects to return to profit in the second half of the current financial year after significantly narrowing its loss in the first half.
The steel maker posted a net loss of $12 million, down from a $530 million loss in the previous corresponding period.
Blue Scope says it expects continued improvement in its underlying net profit and has forecast a small profit in the second half.
In the first half of fiscal 2012 the company’s result was hit by restructuring within the business aimed at overcoming the impact of the high Australian dollar and strong offshore competition.
Managing Director Paul O’malley says the latest result is encouraging and the company is well positioned to benefit from improved financial flexibility and leverage its growth businesses.
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$22.47 |
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Mkt cap ! $9.855B | |||
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