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RHI Advances on `Solid' First-Half Profit, Outlook

Aug. 7 (Bloomberg) -- RHI AG, the world’s biggest maker of fireproofing ceramics, said advanced to the highest level in three months after reporting “strong” earnings.

Shares rose 3.1 percent to 19.68 euros at the 5:30 p.m. close of trading in Vienna, its highest close since May 3. That extends this year’s climb to 30 percent.

Second-quarter sales rose 9 percent to 475.9 million euros ($590 million) and earnings before interest and taxes advanced 10 percent to 44.1 million euros, while net income fell 1 percent to 30.3 million euros on a 4.6 million-euro restructuring expenses from the partial closure of a production line at RHI’s Bonnybridge plant in the U.K.

“RHI reported very strong second-quarter figures,” Thomas Neuhold, an analyst at Kepler in Vienna, wrote in a note to customers today. “The stock currently prices in a severe recession,” he said, adding that the brokerage was keeping its rating at buy, “given the strong figures, the optimistic outlook and cheap valuation.”

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net

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