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ThyssenKrupp Full-year Profit Rises 58%

German industrial conglomerate ThyssenKrupp AG said Friday that its net profit rose by 58 percent in its latest fiscal year, helped by a robust steel business.

Duesseldorf-based ThyssenKrupp, which makes steel, automotive parts and elevators, said it earned 1.7 billion euros ($2.2 billion) in the year ended Sept. 30, up from 1.08 billion euros the previous year.

Earnings per share increased to 3.24 euros ($4.27) from 2.08 euros. ThyssenKrupp said it would raise its dividend to 1 euro ($1.32) from 0.7 euro per share.

The company did not immediately give a fourth-quarter net profit figure, but said pre-tax earnings for the three months through September surged to 619 million euros ($817 million) from 122 million euros a year earlier.

Full-year pretax profit increased 56% to 2.62 billion euros ($3.46 billion) from 1.68 billion euros, -- close to the 2.63 billion euros ($3.47 billion) forecast by analysts surveyed by Dow Jones Newswires.

ThyssenKrupp said it is targeting a similar profit level in the current fiscal year.

"In the past the focus was on consolidation," CEO Ekkehard Schulz said in a statement. "Now we have moved up a gear and are on a clear, profitable growth track."

For the full year, sales rose by 9.8% to 47.1 billion euros ($62.1 billion), just beating analysts' forecasts of 46.75 billion euros ($61.7 billion).