Metalloinvest says IFRS Jan–Jun net profit quadruples to $2 bln

MOSCOW, Aug 17 (PRIME) -- The net profit of Russian metals holding Metalloinvest quadrupled to U.S. $2.167 billion in January–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Tuesday.

Revenue increased by 60% to $5.064 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) almost tripled to $2.916 billion.

The net debt fell by 20% over the reporting period to $2.592 billion as of June 30, while the net debt/EBITDA ratio decreased to 0.6 from 1.3 as of the end of 2020. Total debt fell by 11.6% to $3.247 billion.

Capital expenditures went up by 51.3% to $316 million.

In October–December 2020, the company’s net profit more than doubled on the quarter to $585 million, revenue rose by 22.7% to $1.837 billion, and EBITDA grew 46.2% to $838 million.

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