EURASIAN NATURAL RESOURCES CORPORATION PLC (ENRC, United Kingdom) announces H1 Y2011 operating results
September 2. KASE
Financial Highlights for H1 2011
– Strong growth against H1 2010. Recovery in our traditional markets, the continued strength of the Chinese economy and significantly higher commodity prices. Revenue up 32% to US$4,011 million.
– Total costs increased 30% to US$2,344 million, due to higher unit costs of sale, volume growth and the costs for developing the businesses in Africa and Brazil.
– Underlying EBITDA up 33%, to US$1,927 million; Underlying EBITDA margin steady at 48% (H1 2010: 47%).
– Earnings per share up 30%, to US 91 cents.
– Dividend per share of US 16 cents; a dividend payout ratio of 18%.
– Strong balance sheet: gross available funds, US$1,600 million; net debt, US$2 million.
– A substantial increase in the operating cash flow, to US$1,184 million.