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Rusal Adjusted EBITDA Decreases by 6.4% to $393Mln – First Half Results

© RIA Novosti . Ramil Sitdikov / Go to the photo bankA sign of the "Rusal" company at the central office of the company on the Nikoloyamskaya street .
A sign of the Rusal company at the central office of the company on the Nikoloyamskaya street . - Sputnik International
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The Adjusted EBITDA of Russian aluminum company RUSAL decreased by 6.4 percent to $393 million in the first half of 2014, compared to $420 million for the corresponding period in 2013.

MOSCOW, August 27 (RIA Novosti) - The Adjusted EBITDA of Russian aluminum company RUSAL decreased by 6.4 percent to $393 million in the first half of 2014, compared to $420 million for the corresponding period in 2013.

Revenue in the first half of the year declined by 15.7 percent and amounted to $4,384 million, which is lower than $5,203 million in the first half of 2013.

The RUSAL net loss decreased to $209 million and is noticeably smaller than the last year’s $439 million. Recurring net loss dropped to $40 million from $154 million in 2013. Adjusted net loss increased to $395 million for the first half of 2014, topping significantly $236 million the previous year.

Adjusted EBITDA margin improved to 9 percent from 8.1 percent in 2013. The gross profit for the first six months of 2014 stood at $728 million.

Total aluminum output saw a decrease of 10.8 percent, amounting to 1,783 thousand tons, following the implementation of capacity curtailments program. Alumina output equaled 3,618 thousand tons in the first half of 2014, decreasing by 0.5 percent from 3,638 thousand tons for the corresponding period of 2013. Bauxite production declined by 0.5 percent and totaled 5,885 thousand tons.

Aluminum segment cost per ton dropped to $1,752 per ton, comprising a 9.8 percent decrease, which resulted from the successful completion of capacity curtailments program at the least efficient smelters. A positive effect on the overall level of costs is also attributed to the depreciation of the ruble.

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