May 11, 2017 / 5:48 AM / 6 months ago

Austria's RHI's Q1 core profit tops expectations

VIENNA, May 11 (Reuters) - Fireproof industrial materials maker RHI reported a better-than-expected 20 percent increase in first-quarter operating profit, helped by a friendlier market environment and higher utilization of production capacities.

Earnings before interest and tax (EBIT) rose to 32.6 million euros ($35.42 million) in the three months through March, versus analyst expectations of 29.9 million, the group said on Thursday.

RHI, which plans to take over Brazilian rival Magnesita in a $500 million deal, said it expects to have a clearer picture of the outcome of the regulatory approval proceedings around the end of the first half of 2017. ($1 = 0.9203 euros) (Reporting by Kirsti Knolle; Editing by Sunil Nair)

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