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Metalloinvest posts 6.4% YOY rise in profit for Q1 on improved pricing

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Metalloinvest posts 6.4% YOY rise in profit for Q1 on improved pricing

Improved average prices for iron ore and steel products boosted OAO Metalloinvest's net profit by 6.4% year over year to US$416 million in the first quarter.

The company said June 14 that quarterly revenue increased 19.3% year over year to US$1.81 billion, and EBITDA increased 28.1% from US$527 million to US$675 million. At the end of the quarter, net debt stood at US$4.07 billion, increasing 0.3% from the end of 2017.

According to Metalloinvest, another factor driving up its financial results was a change in product mix. Physical external supply volumes of hot briquetted iron grew 87%, and shipments of special bar and flat products were up 15.1% and 31.5%, respectively.

In addition, a 3.2% appreciation of the Russian ruble led to an increase in the dollar equivalent of revenue.

The performance of Metalloinvest's steel segment had the most significant impact on its consolidated EBITDA, growing by US$95 million during the period.

With regard to CapEx, the steel producer booked an annual 53.2% increase to US$95 million, mainly due to the financing schedule of development projects.

Based on its full-year results for 2017, the company on June 13 announced a decision to pay out dividends amounting to 19 billion rubles.

In addition, Metalloinvest secured a new credit facility agreement with Credit Agricole for €72 million over 12 years. The company will use the funds to purchase equipment for a new transportation system at its Lebedinsky iron ore operation.

As of June 13, US$1 was equivalent to 62.40 Russian rubles.