Not everything is so bad in the Netherlands - Metinvest by 31 percent increased net profit

According to the largest metallurgical company of Ukraine Metinvest, its maternal company registered and paying the main profit in the Netherlands Metinvest B.V. It increased net profit in the first six months of the current year by 31 percent to 443 million US dollars compared to APPG-2012. This is stated in the press release of Metinvest published today.

Metinvest group enterprises worked in the first half of 2013 with a profitability of 7 percent, which is 2 percentage points above last year. Profitability without taking into account tax payments took off by three points up to 19 percent. The volume of capital investments decreased by a third to 250 million dollars.

"We are pleased to announce good financial results and progress in the implementation of our long -term strategy, despite the continuing instability in the market," said General Director Metinvest Igor Swed. “In the first six months of 2013, consolidated revenue amounted to 6 billion 515 million dollars. EBITDA reached 1 billion 243 million dollars, which is 14 percent higher compared to the same period last year,” he emphasized.

In addition, the total debt of the company in six months decreased by 12 percent and amounted to 3 billion 776 million dollars by June 30, 2013, which approximately corresponds to the debt level of the Zechel's Zakredi Russian company itself. However, unlike it, at the end of the reporting period, the ratio of a general debt to the EBITDA (Levert) indicator in Metinvest remained at a comfortable level of 1.8x.

"The index of net profit increased significantly due to a decrease in the cost of sales, as well as general and administrative expenses, distribution and financial costs within our cost reduction program," said the financial director of Metinvest Alexei Kutepov.