Mittal Steel South Africa reported a 19% increase in headline earnings for the March quarter to R1,5-billion from the previous quarter, the company said on Wednesday.
This was driven by higher domestic sales, higher international sales prices, an improved sales mix and a weaker rand/United States dollar exchange rate.
These factors were partly offset by an increase in input material costs and lower export volumes.
Revenue increased by 14% to R7,2-billion when compared with the previous quarter, and 24% on the same period last year.
Headline earnings per share were 337c a share, a 19% and 120% increase in the previous and corresponding periods.
”Domestic dispatches for the quarter were very strong, driven by an increase in demand, predominantly from the building and construction sector, while the weaker rand against the US dollar stimulated demand from downstream export-orientated industries,” said Rick Reato, Mittal’s chief executive. — Sapa