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Metalloinvest posts higher net income for Jan-Sept

Thursday, 28 November 2019 16:58:50 (GMT+3)   |   Istanbul
       

Russia-based leading global iron ore and hot briquetted iron producer Metalloinvest has announced its financial results for the third quarter and the first nine months of this year.

In the third quarter of this year, Metalloinvest registered a net income of $464 million, increasing by 23.7 percent, while the company’s revenue increased by 11.5 percent to $1.74 billion, both year on year.

In the same period, the company’s adjusted EBITDA amounted to $705 million, rising by 1.7 percent compared to the third quarter of 2018, while its EBITDA margin decreased to 40.4 percent from 44.3 percent in the third quarter of the previous year.

Meanwhile, in the first nine months of this year, the company’s net income totaled $1.48 billion, increasing by 19.2 percent mainly due to net foreign exchange gain from financing activities, while its revenue decreased by 0.3 percent to $5.33 billion due to the different price trends for the mining and steel segment products in the first nine months of the year, both year on year.

In the January-September period this year, Metalloinvest’s adjusted EBITDA amounted to $2.11 billion, down by 3.1 percent year on year, largely due to a 25 percent increase in the mining segment EBITDA and the fall in finished steel product pricing compared with the increase in raw material prices, while its EBITDA margin decreased to 39.7 percent from 40.9 percent in the same period of the previous year.

In the same period, the company’s capital expenditure amounted to $352 million, showing an increase of 10 percent year on year.


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