Northern Iron Ore increases EBITDA 23% yoy in 1Q14



25 апреля 2014 года
Конкорд Капитал

Северный ГОК (SGOK)


Iron ore concentrate and pellets producer Northern Iron Ore (SGOK UK), increased EBITDA 23% yoy in 1Q14 to USD 253 mln (+11% qoq), but faced a 40% yoy decrease in net income to USD 74 mln. The miner’s revenue slid 9% yoy (-7% qoq) to USD 364 mln.

Roman Topolyuk: The company’s 1Q14 EBITDA was positively influenced by an increase in “other operating income”, which outweighed the negative effects of 3% yoy lower selling prices and a 6% yoy decline in the delivery of its products. However, a boost in financial expenses by 13.5x yoy reversed this positive effect and led to a decrease in the bottom line. For the full year 2014, we project a minor (3% yoy) increase in EBITDA to USD 958 mln, mainly to be driven by hryvnia devaluation, with the positive effect mitigated by an expected fall in iron ore prices. At the same time, we expect the company will post a 8% yoy decrease in net income (to USD 504 mln) in 2014, as an increase in operating profit will be offset by one-off financial expenses born in 1Q14.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк


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