RHI profit plummets

Fireproof products manufacturer RHI AG has said it is optimistic about the coming months despite the setback the firm experienced at the beginning of this year.RHI announced today (Thurs) it achieved a profit of 18.3 million Euros in the first quarter of 2011, down by 14.9 per cent compared to the same period of last year. However, the company’s turnover rose by 20.9 per cent to 413.8 million Euros.The firm explained its activities were affected by rising costs for raw material from China. RHI said it had an equity ratio of 22.5 per cent on 1 April, up slightly from 22.2 per cent on the same day of last year. The company explained it planned to invest around 130 million Euros in its facilities in Norway, Brazil and China this year.Henning Jensen took over from Thomas Fahnemann as CEO of the Vienna-based business in August 2010. RHI is quoted on the Vienna Stock Exchange (WBAG). One share was traded for 23.50 Euros at 1pm today.