Amag’s earnings up in 3Q but down in year so far

: Metals
24/10/31

Austrian aluminium producer Amag posted higher revenues and earnings on the year in the third quarter, but both fell in the first nine months of the year amid challenging market conditions.

Amag's earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 8.3pc on the year to €52.2mn ($56.6mn) in the third quarter of this year, while Ebitda over the first nine months of the year fell 11.1pc to €147.6mn.

Revenues climbed 7.1pc on the year to €370.9mn in July-September, on shipment volumes that rose by 2.4pc on the year to 109,100t. Revenues reached €1.079bn in the first nine months of this year, down 5.6pc from the previous year, and shipments fell 1.3pc to 323,300t over that period.

"With the economic situation in many European countries remaining subdued, we have so far succeeded in generating solid earnings through product mix shifts and a high degree of flexibility," chief executive Dr Helmut Kaufmann said. "Nevertheless, the weak industrial economy in Europe is leading to increasing pressure on prices and volumes in numerous industries."

Amag confirmed its Ebitda target for 2024 at €160-180mn.

By Jethro Wookey

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