Financial Highlights
- Revenue increased by 19% to
- Cash cost down by 4.7% to
- EBITDA has more than doubled, increasing to
- Profit of
Operation Highlights
- 14.3% and 11.4% improvement in production and sales respectively over the same period in 2019
- Stable production capacity of 89% (
- K&S operated at more than 90% capacity in July and the early part of August. Planned ball mill maintenance and a period of heavy rains affected production in August. Normal production has now been resumed, month-to-date capacity of c.80%.
- Impact of COVID-19 not as yet significant
Commenting on the results,
Good production rate, strong iron ore price and weak Russian Rouble contributed to IRC's profitability. Despite the devastating effect of the COVID-19 on the global economy, iron ore was one of the best performing commodities in the first half of 2020. Coupled with K&S's good production rate, IRC's revenue recorded a significant increase in the first half of this year. We also benefitted from the weak Russian Rouble, allowing the Group to lower its cost level. These positive factors contributed to our maiden underlying profit.
We are pleased with the financial results of IRC in the first half of 2020 and are striving for further improvements as K&S continues to raise its production level. We are pleased that much has been achieved in the first half of 2020. That said, continuous improvement is our goal and we are not resting on our laurels. We believe that the foundations of our Company are in place for further enhancement in operational and financial performance. Looking to the future, we are committed to ensuring that IRC continues to prosper and grow in a sustainable manner. We shall increase our production from our world-class assets to maximise shareholders' value. We would like to thank our stakeholders for their continued support."
For more details of the Group's interim results, please refer to full announcement at: https://files.services/files/370/2020/0826/20200826061501_65488741_en.pdf
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