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REFILE-Austria's Amag beats its 2012 core profit guidance
March 1, 2013 / 7:42 AM / 5 years ago

REFILE-Austria's Amag beats its 2012 core profit guidance

(Refiles to fix day of week in second paragraph)

VIENNA, March 1 (Reuters) - Amag Austria Metall’s core profit fell 11 percent to 134 million euros ($175 million) in 2012, beating guidance the aluminium group gave in November.

Amag also said late on Thursday it expected flat earnings for 2013 and a positive business trend for the first quarter thanks to a high order backlog.

Amag had said in November it expected 2012 earnings before interest, tax, depreciation and amortisation (EBITDA) to fall to 128-133 million euros from nearly 150 million in 2011.

Sales were flat at 814 million euros in 2012. The company said it would keep its dividend steady at 0.6 euro.

Amag said high demand had led to full capacity utilisation in 2012 and its Rolling division’s shipments topped 150,000 tonnes for the first time, allowing the unit to contribute 61 percent to group sales.

It declined to give a specific financial forecast for 2013.

“Macroeconomic uncertainties, such as volatility concerning raw materials and foreign currencies as well as possible effects of the sovereign debt crisis, make it difficult to give a precise forecast for 2013 at this time,” it said .

UC Rusal, the world’s largest aluminium producer which is set to report earnings on Monday, could see a sharp fall in 2012 earnings because of uncertain supply and demand dynamics and cost inflation, according to a Reuters poll.

Amag, in November, had forecast a challenging 2013 given jittery markets after low aluminium prices helped push its third-quarter core profit down 11 percent. ($1 = 0.7649 euro)

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