The BlueScope Steel Limited (ASX: BSL) share price is lower on Monday, down 19 cents or 1.06% to $17.68 at 1120am AEST.
The steel manufacturer announced a $250 million share buyback after reporting its full-year net profit more than doubled to $1.57 billion.
The result was boosted by one-off gains totalling $743.1 million, relating to tax set-offs and the reversal of last year’s Australian steel products plant and equipment impairments, and a 9% in revenue to $11.49 billion.
BlueScope CEO and managing director Mark Vassella said strong demand for steel and improved profit margins had driven a 15% improvement in full-year underlying earnings.
“Underlying (earnings before interest and tax) strengthened to $745 million in 2H FY2018, up $220.7 million on the first half, and our best half since December 2008,” he said.
Underlying profit after tax for the year to June 30 rose 27% to $826 million.
BlueScope is forecasting a 10% jump in first-half 2018/19 underlying earnings before interest and tax, from the $745 million booked in the second-half of 2017/18.
The share price of BlueScope Steel is 30% higher than this time last year when it traded at $14.06.