Azerbaijan, Baku, Aug. 14 / Trend E. Kosolapova/
Kazakh metallurgy group Eurasian Natural Resources Corporation PLC (ENRC) decreased net profit from $484 million in the first half of 2012 to $148 million in the first half of 2013 (69.4 percent decrease), the company reported on Wednesday.
Company's revenue in the reporting period decreased to $3.209 billion compared to $3.246 billion in the same period of 2012. Gross profit in the first half of 2013 hit $1.292 billion compared to 1.487 billion in the first half of 2012.
ENRC's operating profit decreased by 41.6 percent to $474 million in the reporting period.
"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 cashflows, and a rigorous focus on costs, have helped to mitigate the overall impact of lower price," company's Chief Executive Officer Felix J Vulis said.
ENRC's underlying EBITDA decreased by 17.3 percent to $944 million in the first half of 2013.
Eurasian Natural Resources Corporation (ENRC) is one of the leading diversified natural resources groups with integrated mining, processing, energy, logistical and marketing operations. ENRC production assets are mainly located in Kazakhstan. Moreover, the company operates in China, Russia, Brazil and Africa (the Democratic Republic of Congo, Zambia, Mozambique and South Africa). ENRC is the world's largest producer of ferrochrome on the chrome content basis and one of the world's significant iron ore and alumina producers