Asta Energy's core profit surges on global copper demand, lifting shares (updated)
UPDATE 2-Asta Energy's core profit surges on global copper demand, lifting shares Adds share move in bullet point 1.
Aug 27 (Reuters) - Copper products maker Asta Energy 1AST.VI said on Thursday its half-year core profit rose by around 50% from a year ago, driven by higher margins and increased sales volumes.
The Austrian company, which debuted on the Frankfurt Stock Exchange in January, has seen a surge in demand as its core markets in Europe, America and Asia invest to electrify their economies.
It posted adjusted earnings before interest, taxes, depreciation and amortization of €37 million ($43 million) for the January-June period.
Shares, which have lost roughly a quarter of their value since peaking in June, were up 6% at 0739 GMT.
First-half net sales grew around 20% to €435.8 million.
"Demand for power transformers is driven in particular by the global expansion of power grids and the increasing integration of renewable energies," the company said.
Asta last week raised its full-year adjusted EBITDA forecast to between €60 million and €64 million.
($1 = 0.8580 euros)
(Reporting by Danny Callaghan in Gdansk, editing by Milla Nissi-Prussak)
((Email: danny.callaghan@thomsonreuters.com))
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Asta Energy's core profit surges on global copper demand, lifting shares (updated)
Copper specialist Asta Energy's half-year core profit surges
Brief: Asta Energy Reports H1 Adjusted EBITDA Of EUR 37 Mln (+54% YoY)