ThyssenKrupp Profits Surge in First Quarter

German heavy industry giant ThyssenKrupp said Monday that profits surged in the first three months of its current business year, as a result of cost-cutting measures and strong demand particularly for its steel products. ThyssenKrupp, which runs its business year from October to September, said in a statement that net profit amounted to €275 million ($355 million) in the three months to December, up from €100 million a year earlier. Pre-tax profit also nearly tripled, surging to €473 million from €168 million on a 20 percent rise in sales to €10.13 billion and a 17 percent jump in new orders to €10.85 billion. "We got off to a good start in the new business year," ThyssenKrupp said. "In a generally favourable economic environment, demand for our products and services increased significantly," the group boasted. Key factors in the strong rise in profits were "the success of our efficiency enhancement programmes and the positive volume and revenue situation for steel," it explained.