Bluescope profits down but revenue up

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BlueScope Steel (ASX:BSL) has reported a fall in underlying net profit to $321 million for the half year to December 2017.

Sales Revenue strengthened, and lifted almost 7 per cent to $5.5 billion compared to the prior corresponding period.

Its earnings (EBIT) fell 11 per cent to $517 million.

The company declared an interim ordinary dividend of 6 cents per share.

BlueScope says the fall in earnings included a $32 million one-off benefit from settlement of a historical coal supply dispute. The company expects second half underlying earnings to be around 25 per cent higher.

Shares in BlueScope Steel (ASX:BSL) lost 2.21 per cent to $15.49 on Friday.