Kazakhstan's ENRC boosts earnings 60% to $898 mln in H1
ALMATY. Aug 18 (Interfax) - Eurasian Natural Resources Corporation (ENRC) boosted net profit 59.8% year-on-year in H1 2010 to $898 million, the Kazakh miner said in an earnings report.
EPS rose 62.8% to $0.7.
Sales revenue increased 79.6% to $3.045 billion and earnings before taxes, depreciation and amortization (EBITDA) soared 130% to $1.435 billion. The EBITDA margin rose to 47.1% in H1 2010, from 37.1% in H1 2009.
Assets grew 14% during H1 2010 to $10.966 billion and were 28% higher than at end-H1 2009. Equity rose 9.7% and 21.3%, respectively, to $8.782 billion, and liabilities 35.4% and 64% to $2.184 billion.
Group capex decreased by 13.6% year-on-year to $483 million, but the total for 2010 is expected to be around $1.5 billion rubles, including $1.1 billion of expansionary capital expenditure. Capital expenditure projects 'in progress' and 'under review' total $5.9 billion.
ENRC was created in late 2006 as a result of reorganization of Eurasian Industrial Association and now also includes the assets of Kazchrome, Aluminum of Kazakhstan, Kazakhstan Electrolysis Plant, Zhairem Mining and Processing Integrated Works, Sokolov-Sarbai Mining Production Association, Eurasian Energy Corporation, Serov Ferroalloy Plant. ENRC also owns a 50% stakes in a joint venture with Bahia Minerals BV (BML), a project for exploration of iron ore in Brazil, and a 50% stake in Xinjiang Tuoli Taihang Ferroalloy Company in China (Tuoli).