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EN+ Q3 profit jumps YOY on stronger aluminum prices


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EN+ Q3 profit jumps YOY on stronger aluminum prices

United Co. Rusal Plc's 48.13% shareholder En+ Group Plc posted a profit attributable to shareholders of US$174 million, or 34.8 US cents per share, in the third quarter, compared to US$92 million, or 18.4 cents per share, a year ago.

Revenue in the three months increased to US$2.88 billion, compared to US$2.46 billion in the prior-year quarter. Operating profit in the quarter totaled US$553 million, compared to US$360 million a year ago, according to the Dec. 4 release.

Aluminium output in the third quarter increased by 1% year over year to 931,000 tonnes, and alumina production increased 2% to 2 million tonnes.

In the first nine months, En+ Group posted a profit attributable to shareholders of US$453 million, or 90.6 cents per share, surging from a year-ago profit of US$229 million, or 45.8 cents apiece.

Revenue in the nine months rose to US$8.72 billion, compared to US$7.20 billion in the year-ago period, on the back of a 23% increase in aluminum prices and sales in the energy segment.

Production of aluminum remained stable year over year in the nine months at 2.8 million tonnes, while alumina output improved 3% to 5.8 million tonnes.

The company's capital expenditures in the nine months amounted to US$650 million.

En+ Group said it appointed Guang Ming Zhao as a nonexecutive director, expanding the size of the board to 10 directors. The company intends to increase the number of board members to 13, it said in a separate same-day release.

Zhao is the CEO and an executive director of AnAn Group subsidiary AnAn International Ltd.