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Metinvest's FY'17 earnings up more than 400% YOY on stronger revenues

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Metinvest's FY'17 earnings up more than 400% YOY on stronger revenues

Metinvest BV's net profit in 2017 increased by more than five times on a yearly basis to US$617 million, driven primarily by higher revenues and lower impairments.

Revenues jumped 44% to US$8.93 billion on the back of higher steel and iron ore selling prices, as well as stronger sales of pig iron, slabs, flat products and coke. Revenues from the group's mining and metallurgical segments in particular were up 27% and 47%, respectively.

Adjusted EBITDA soared 77% to US$2.04 billion, helped by higher sales prices and volumes, higher contributions from joint ventures and the devaluation of the Ukranian hryvnia.

Cost of sales were up by 40% year over year to US$6.76 billion due to higher prices of raw materials, impairments and other expenses.

CapEx rose 45% to US$542 million, and the majority of the figure went to maintenance projects.

Metinvest recently posted full-year crude steel output of 7.6 million tonnes, a 9% decline on a yearly basis, while its iron ore concentrate output dropped 7% to 27.5 million tonnes.

The company's total debt rose 2% to US$3.02 billion as of Dec. 31, 2017.