StockMarketWire.com - Mining company Evraz cut its interim dividend after reporting a fall in profit as lower vanadium, coal and steel product prices weighed.

For the six months ended 30 June 2020, operating profit fell 2.4% to $891m on-year as revenue was down 18.8% to $5bn.

Consolidated earnings before interest, taxed and depreciation (EBITDA) fell 27.6% to US$1,073m, driving the EBITDA margin down to 21.5% from 24.1%, which the company blamed on lower vanadium, coal and steel product prices.

This was, however, partly offset by a US$251m effect from cost-cutting and customer focus initiatives, the company said.

The interim dividend for 2020 was US$291.37m. or US$0.20 per share, down from 35 cents last year.

Looking ahead to the second half of the year, Evraz said it would aim to 'sustain production at full capacity and maximise sales volumes in Russia.'



At 8:29am: [LON:EVR] Evraz PLC share price was -0.35p at 321.55p



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