MADRID, July 21 (Reuters) - Spanish stainless steel producer Acerinox said on Monday net profit in the first six months of the year jumped almost fivefold to 76.1 million euros ($103 million) as improving demand helped offset a rise in nickel prices.
The group, which operates plants in the United States, South Africa and Malaysia as well as in its home market, said rising consumption in Spain and demand for cars and appliances as the economy recovers from recession was partly behind the profit growth.
Net sales rose 4.8 percent to 2.12 billion euros in the first half. Acerinox, whose shares are up 43 percent in the year to date, dropped out of Spain’s blue chip company index, the Ibex 35, at the end of 2013. ($1 = 0.7394 Euros) (Reporting by Sarah White and Jose Elias Rodriguez, editing by David Evans)