Metinvest posts $ 240 mln loss in H1 against $ 408 mln profit a year earlier
Metinvest B.V. (the Netherlands), the parent company of the international vertically integrated mining and metallurgical group Metinvest, in January-June 2020 saw a net loss of $ 240 million with a negative margin of 5%, while in the same period last year it received a net profit of $ 408 million with a positive margin of 7%.
According to preliminary unaudited interim financial results for the first half of 2020, its revenues for the reporting period decreased by 15%, to $ 4.968 billion, EBITDA decreased by 20% to $ 715 million, the margin fell by 1 percentage point, to 14%.
The total debt of the company by the end of the first half of 2020 was $ 3.010 billion, while by the end of 2019 it was $ 3.032 billion. At the same time, the amount of cash by the end of the first half of 2020 amounted to $ 465 million, and at the end of 2019 some $ 274 million. Net debt at the end June 2020 reached $ 2.545 billion, at the end of 2019 some $ 2.758 billion.
Commenting on the result, Metinvest CEO Yuriy Ryzhenkov stated that in 2020 the group is successfully overcoming global instability and continues to demonstrate confident progress in all points of its program, paying special attention to maintaining production stability and ensuring the safety of its employees.
"During this time, we have taken decisive steps to combat the spread of the COVID-19 pandemic, ensuring the protection of our employees and regions of operation. Among other things, we have ensured the protection of workers at all our plants through strict health protocols and, in addition to others taken security measures, moved administrative staff to remote work. The group also purchased and donated 18,000 rapid COVID-19 tests to 44 healthcare facilities. Our top priority remains the health and safety of our people and communities during this emergency," he said.