Thyssenkrupp reports profit rise, warns of gloomy outlook for current fiscal year

German steel giant Thyssenkrupp has reported a significant improvement in its key financial indicators, but warned of declining earnings in the current fiscal year due to difficult trading conditions.

The Essen-based firm reported a net income of 1.2 billion euros (1.25 billion U.S. dollars) for the fiscal year, compared to a loss of 25 million euros in the previous year, according to a statement released by the company.

Despite the challenges brought by the Ukraine crisis, the COVID-19 pandemic and disruptions in global supply chains, the company’s order intake increased to 44.3 billion euros, an increase of 12 percent above the previous year’s level.

Fiscal year sales revenues increased by 21 percent year-on-year to 41.1 billion euros.

The figures showed good progress in the company’s transformation and operating performance, Martina Merz, chief executive officer (CEO) of Thyssenkrupp AG, said, noting that the company is now in a better position to respond appropriately and in a targeted manner to crises.

For the current fiscal year, the firm’s operating earnings are expected to be in the mid to high three-digit million euro range, according to the statement.

 

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