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ENRC shares dip as earning fall 17% in H1

ENRC shares dip as earning fall 17% in H1

Kazakh miner ENRC (LON:ENRC) listed poor metal prices and rising financing costs among the reasons for its 17% drop in earnings, to US$944mln, in the first half of 2013.

Revenue was down 1% to US$3.2bn, and cost of sales rose to US$1.9bn.

It ended the period, to June 30, with US$789mln of available funds and it had borrowings of US$6.19bn.

The company said there will be no interim dividend for shareholders this year.

Chief executive Felix Vulis said: "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 cash flows, and a rigorous focus on costs, have helped to mitigate the overall impact of lower prices.”

The company is currently the subject of a takeover offer, a US$4.6bn buy-out attempt by the group’s founders.

In London trading, ENRC shares were down 7.3p, or 3%, changing hands at 229.2p.

View full ENRC profile View Profile

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