Miner Eurasian Natural Resources Corp. said on Wednesday that its 2008 net profit rose to $2.64 billion from $798 million as revenue grew 66% to $6.82 billion.
The Kazakhstan group said underlying earnings before interest, taxes, depreciation and amortisation rose 117% to $4.2 billion. Eurasian said sales in the first quarter of 2009 have been better than expected, but it is not yet clear whether this is sustainable and that any sustainable recovery before 2010 seems unlikely. It will therefore maintain production cutbacks of 35% in ferroalloys and 40% in iron ore at least through the first half of 2009.
The company expects second-quarter ferrochrome prices to settle between 70 and 90 U.S. cents a pound. The first-quarter contract for the metal, used in steelmaking, settled at $0.79/lb.
The group also announced that its CEO Johannes Sittard has extended his contract and will remain with the group up to Sept. 30, 2010, while Chief Financial Officer Miguel Perry has given notice that he will step down on June 30.
Source: Marketwatch
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