EVRAZ H1 Profit Up 49.1%, But Revenue Declines - Quick Facts

(RTTNews) - Steel company EVRAZ plc (EVR.L) reported Thursday that its net profit for the first half of 2020 grew 49.1 percent to $513 million from $344 million last year. Earnings per share rose to $0.35 from $0.22 in the prior-year period.

However, consolidated EBITDA declined 27.6 percent to $1.07 billion from $1.48 billion a year ago.

Consolidated revenue for the period decreased 18.8 percent to $4.98 billion from $6.14 billion last year.

The company said its board of directors are recommending an interim dividend for 2020 of $0.20 per share, totaling roughly $291.37 million, which is in line with the previously announced dividend policy.

Looking ahead to the second half of 2020, EVRAZ said it will aim to sustain production at full capacity and maximize sales volumes in Russia. The company added it will focus on additional efficiency improvements as well as maintain balanced and selective approach to the investment projects.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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