News 170 views last update:6 Aug 2012

Andritz 2006 net profit up 51%

Austrian high-technology machinery maker Andritz AG Thursday said its net profit before minorities for 2006 increased 51% on the year, driven by strong demand and the first-time inclusion of subsidiary VA Tech Hydro.

Net profit came in at €121.4 million, up from €80.2 million in 2005, which was significantly higher than analysts' expectations of an almost 30% increase to €102.9 million.

Based on the results, Andritz' management board intends to propose a dividend increase to €3 per share, from €2 per share in 2005.

Andritz in the feed industry is known for equipment supply under brand Andritz Sprout.

For 2007, Andritz expects sales to increase to around €3 billion, and net profit to remain at the 2006 level, it said in a statement.

Andritz said sales rose around 55% to €2.71 billion, from €1.74 billion in 2005. This was largely attributable to the inclusion of VA Tech Hydro, acquired in 2006, and a high order backlog and order intake.


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