ThyssenKrupp Returns to Profit

Predicts sales growth between 10-15% for 2010/11 fiscal year

ThyssenKrupp reported said that adjusted pre-tax profit shot up to 1.03 billion euros (US$1.34 billion) from a loss of 1.076 billion in the previous year.

The group, which makes steel, elevators, submarines, auto parts and provides industrial services, has a fiscal year that runs from October through September.

When exceptional items were included, profit reached 1.14 billion euros, compared with a loss of 2.36 billion in the 2008/2009 exercise.

Sales gained 5% to 42.62 billion euros, in part owing to a pick-up in the auto sector.

"In 2010 the global economy recovered from the deep recession faster than expected a year ago," the group explained.

In the 2010/11 fiscal year, ThyssenKrupp forecast sales growth of between 10%-15%, and said core earnings should come in close to two billion euros, up from 1.2 billion this time around.

Copyright Agence France-Presse, 2010

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