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Rusal Q2 earnings fall nearly 40 pct, slightly better than feared

Published 25/08/2016, 10:39 am
© Reuters.  Rusal Q2 earnings fall nearly 40 pct, slightly better than feared

Aug 25 (Reuters) - Russian aluminium giant Rusal 0486.HK on Thursday reported a 39-percent drop in second-quarter core earnings due to weak aluminium prices, slightly ahead of analyst forecasts.

The company said it remained focused on cutting debt to help weather tough markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $344 million for the three months to June from $568 million a year earlier. However, the result was up 10 percent from the first quarter.

Six analysts on average had expected adjusted EBITDA of $336 million. prices CMAL3 have risen about 11 percent since the start of 2016, but remain weak.

Net debt was trimmed slightly by June to $8.33 billion from six months earlier.

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