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En+ Q3 profit rises following its London float

Metal News - Published on Wed, 06 Dec 2017

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City AM reported that aluminium and power company which manages Russian billionaire Oleg Deripaska's businesses, revealed its third quarter net profit rose 43 % year-on-year to USD 350 million (GBP 260 million). En+ said its revenue in the third quarter grew by 17 % to USD 2.9 billion, and adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) jumped 41 % to USD 803 million.

The group's net debt as of the end of September was USD 13.1 billion, down five % from the second quarter.

The company's initial public offering in November was the largest listing in the metals and mining and energy segments in London so far this year, and chief executive Mr Maxim Sokov said both the company's energy and metals businesses delivered "outstanding" results.

Mr Sokov said that "This growth was driven by positive trends in the global aluminium markets, our continued focus on production efficiency and supportive developments in the Russian electricity market."

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Posted By : Rabi Wangkhem on Wed, 06 Dec 2017
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