Plus   Neg

KAZ Minerals H1 Profit Down

Copper producer KAZ Minerals Plc (KAZ.L), formerly Kazakhmys PLC, reported that its net profit attributable to equity holders of the company for the first half of 2019 declined to $227 million from last year's $276 million, mainly due to the decrease in operating profit in the current period. Earnings per share were $0.47, down from $0.62 in the prior year.

Operating profit for the period decreased to $410 million from the previous year's $464 million, mainly driven by the decrease in revenues.

EBITDA declined 10% to $620 million due to the decrease in revenues which was mainly price driven and from higher cash costs associated with additional volumes, partly offset by the favourable impact on costs of the weaker tenge versus the prior year comparative period.

Revenues for the period were $1.052 billion, a decrease of $46 million from the prior year comparative period, as higher copper volumes from Aktogay and gold volumes from Bozshakol were offset by the impact of lower copper (-11%), gold (-1%), silver (-9%) and zinc (-16%) prices and lower zinc volumes (9.5 kt) from the East Region operations.

Copper revenues decreased from $902 million in the first half of 2018 to $849 million in the current period due to the impact of lower LME prices partly offset by higher copper volumes.

Copper production in the first half increased by 6% to 148 thousand tonnes from last year, as the Aktogay sulphide concentrator ramped up output during the period.

The Group's gold production of 88 thousand ounces in the first half, compared to 90 thousand ounce in the prior year. It is on track to achieve full year guidance of 170-185 thousand ounces, following strong output from Bozymchak for the period and higher volumes expected from the Bozshakol mine over the remainder of the year.

The Board has declared an interim dividend of 4.0 US cents per share in respect of the first half of 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. is recalling certain Ranger and General Utility, as well as All-Terrain vehicles citing risks of crash, the U.S. Consumer Product Safety Commission said in a statement. The Medina, Minnesota-based company has called back about 26,730 units of Model Year 2019 - 2020 Ranger XP 1000 & Model Year 2020 General XP 1000 Utility vehicles. Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19. FedEx is asking NFL team Washington Redskins to change its name for its racist connotations. The delivery services company, which is a major sponsor for the team, made the suggestion following increasing pressure from its investors amid the ongoing protests against racial injustice and inequality that arose from the killing of African-American George Floyd.
Follow RTT