Bluescope Steel (ASX:BSL) has reported its net profit after tax (NPAT) increased by about 119 per cent on FY17 to $1.57 billion for the 2018 financial year.
In more good news for the company, its sales revenue strengthened over the 2018 financial year, and lifted almost 9 per cent on FY17 to $11.5 billion.
The steel producer’s earnings (reported EBIT) increased 40 per cent on the prior year, to $1.46 billion.
The company has declared a final dividend of 8 cents per share.
Bluescope says its first half 19 underlying earnings are expected to be up around 10 per cent on the second half of 2018.
The company says the result marked its best half since December 2008. It was driven by strong demand and steel spreads in US and Australasian markets.
Shares in Bluescope Steel (ASX:BSL) are trading 4.03 per cent higher to $18.59 following the results.