Russia-based leading global iron ore and hot briquetted iron producer Metalloinvest has announced its financial results for the first quarter ended March 31, 2019.
In the given quarter, Metalloinvest registered a net income of $539 million, increasing by 29.6 percent, while the company’s revenue increased by 2.4 percent to $1.86 billion, due to the increase in average iron ore and pellet prices as a result of growth in global prices, both year on year. In the same year, its adjusted EBITDA amounted to $730 million, rising by 8.1 percent compared to the first quarter of 2018.
In the first quarter, EBITDA margin increased to 39.3 percent from 37.2 percent in the first quarter 2018. The growth is the result of the increased proportion of high value-added products in the company’s product mix, growth in global prices, and the implementation of the program to increase operational efficiency.