AMAG sees satisfactory results despite low aluminium prices
VIENNA Aug 3 (Reuters) - Austrian metals group AMAG said solid orders at its casting and rolling divisions should help it report satisfactory second-half results, despite lower aluminium prices that hit earnings in the first half.
AMAG said on Friday first-half earnings before interest, tax, depreciation and amortisation fell 12 percent to 72.2 million euros ($87.8 million) as high raw materials costs and the lower aluminium price hit earnings in its metal division.
"The price of aluminium being lower in comparison to the prior year puts a burden on the metal division, causing its profit contribution to go down despite full capacity utilisation," it added in its outlook.
But a steady performance at the casting and rolling businesses should keep capacity utilisation and earnings there high in the second semester, it added.
"All in all, the management board expects the satisfactory business trend to continue in the second half of 2012." ($1 = 0.8224 euros) (Reporting by Michael Shields; Editing by Jon Loades-Carter)
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