ALMATY, August 14 (RIA Novosti) – Kazakhstan’s Eurasian Natural Resources Corporation (ENRC), one of the world’s largest producers and exporters of ferroalloys, iron ore, alumina and aluminum, on Wednesday reported a net profit of $148 million in the first half of 2013, down 69.4% on the same period last year.
The company’s revenues fell by 1.1 percent in the reporting period to $3.209 billion, while Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) declined by 17 percent to $944 million.
“Our first half results reflect the impact of a weaker pricing environment for the majority of our products. Our operational achievements, as demonstrated through higher production, solid cash flows, and a rigorous focus on costs, have helped to mitigate the overall impact of lower prices,” ENRC CEO Felix J. Vulis was quoted as saying in a statement.
“We continued to invest in our business during the period, making good progress at key projects in Kazakhstan and Africa. By extending maturities of our debt facilities we have also strengthened our balance sheet.”
