(MENAFN- AFP) ThyssenKrupp, the German heavy industry giant, said on Thursday it could return to profit this year after long years of losses as deep restructuring begins to bear fruit.
ThyssenKrupp, which runs its business year from October to September, said it was satisfied with business in the third quarter, or the period from April to June.
The group turned in net profit of 40 million euros ($53 million) in the three-month period compared with a loss of 398 million euros a year earlier.
Underlying or operating profit nearly trebled to 398 million euros on an 8.0-percent rise in sales to 10.742 billion euros.
"The transformation at ThyssenKrupp is bearing fruit. After a strong third quarter, the executive board is optimistic for the full year 2013/2014," the statement said.
"For seven quarters we have continuously increased our earnings," said chief executive Heinrich Hiesinger.
"We are moving in the right direction, our strategy is working, and our operating measures are clearly taking effect."
On the basis of the group's performance in the third quarter and the first nine months, "the executive board has again raised its forecast slightly for the current fiscal year," Hiesinger said.
Full-year operating profit was now expected to double from last year's 586 million euros.
"For the first time in three years ThyssenKrupp expects to achieve break-even to slightly positive net income," he added.
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