Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced its financial results for the second quarter and the first half ended June 30 of this year.
In the second quarter, Metalloinvest registered a net income of $250 million, falling by 26.5 percent, while its revenue decreased by 8.9 percent to $1.11 billion, both year on year. In the second quarter, Metalloinvest's adjusted EBITDA from continuing operations decreased by 15.7 percent to $348.7 million compared to the second quarter of 2015.
In the first half of this year, Metalloinvest registered a net income of $427.9 million, compared to a net income of $516.6 million in the same period of the last year, while its revenue fell by 21 percent year on year to $1.93 billion. In the given period, Metalloinvest's adjusted EBITDA from continuing operations decreased by 38.9 percent to $532.9 million, while its EBITDA margin declined to 27.6 percent from 35.8 percent, both on year-on-year basis. In the period in question, Metalloinvest's capital expenditures decreased by 21.7 percent year on year to $155 million.
The company stated that in the first half of the current year it continued to optimize its debt portfolio through bond issue and, accordingly, it reduced debt repayments scheduled for 2016 and 2017 to almost zero.