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EN+ Group said earnings and revenue fell sharply in the first half of the year, driven by a decline in aluminium prices amid the ongoing US-China trade war. The company also said it anticipates that dividend payments would be resumed following the publication of full-year 2019 financial results.
For the six months ended 30 June 2019, adjusted earnings (EBITDA) decreased 30.0% to $1.2bn from a year earlier and revenue declined 5.4% to $5.8bn.
Net debt remained almost flat and accounted for $11.3bn as at 30 June, up 2.2% compared from $11.1bn as at 31 December 2018.
'The power segment has delivered stable operational performance and a strong increase in net profitability in USD terms in 1H 2019,' the company said.
'The metals segment has seen strong recovery in volumes set against the ongoing challenge of a more than 17% decline in aluminium prices on the LME in 1H 2019 year-on-year in the face of trade tension between the United States and China,' it added.