BlueScope Steel
(ASX:BSL) has posted some impressive 1H FY17 financial results.
The company reported its statutory NPAT during this period was $359.1 million, up 79% compared to 1H FY16. On an underlying basis, BlueScope’s NPAT rose 203% to $360 million.
BlueScope’s Managing Director and CEO, Paul O’Malley, says these results were driven by productivity and cost improvements, sales growth, and its recent North Star acquisition (which he previously said was “the most profitable steel mill in North America”).
As for its underlying EBIT, that increased by 162% to $603.6 million compared to the prior corresponding period.
The company says it’s in a “sound cash flow position” so it declared an interim dividend of 4 cents per share, fully franked. This is higher than the previous interim dividend by 1 cent.
BlueScope has also announced it will participate in an on-market buy-back totalling up to $150M worth of its shares.
