Swedish iron ore producer LKAB has issued its financial and operational results for the second quarter and first half of the current year.
In the second quarter, the company registered a net profit of SEK 2.85 billion ($271.37 million), compared to a net profit of SEK 3.05 billion in the second quarter of 2023, while its sales revenues increased by 5.4 percent year on year to SEK 9.85 billion ($938.08 million). In addition, LKAB recorded an operating profit of SEK 2.67 billion ($254.28 million), compared to an operating profit of SEK 2.26 billion in the corresponding quarter of the previous year.
In the given quarter, the company’s iron ore output amounted to 5.3 million mt, remaining unchanged, while its iron ore shipments grew by 10.3 percent to 6.4 million mt, both on year-on-year basis.
The company stated that the second quarter’s production was impacted by maintenance shutdowns and production disruptions.
Meanwhile, in the first half, the net profit of LKAB amounted to SEK 4.59 billion ($437.11 million), falling from the net profit of SEK 7.59 billion recorded in the first half of the previous year, while its sales revenues fell by 28.1 percent year on year to SEK 15.32 billion ($1.46 billion). The company’s operating profit for the first six months of the year came to SEK 4.04 billion ($384.84 million), compared to the operating profit of SEK 7.44 billion in the same period of 2023.
In the given period, the iron ore output of LKAB amounted to 12 million mt, falling by 1.6 percent, while its iron ore shipments went down by 25.6 percent to 9.3 million mt due to the major derailments on the iron ore line at the beginning of the year, both on year-on-year basis.
