Azerbaijan, Baku, Aug. 22 / Trend E. Kosolapova/
Kazakh Metallurgical Corporation Kazakhmys incurred a $962 million loss in the first six month of 2013 compared to $122 million profit in the same period of 2012, the company reported on Thursday.
The company's revenue increased from $1.516 billion in January-June 2012, to $1.571 billion in the reporting period.
Kazakhmys Group EBITDA dropped to $714 million compared to $1.007 billion in the same period of 2012.
"We delivered strong production volumes for all our key metals in the first six months of 2013, although the financial results were impacted by lower metal prices and higher costs. Rising industry costs over the past few years have created a significant challenge for Kazakhmys, reducing profitability and cash generation," the company said.
Kazakhmys' total assets hit $9.392 billion as of June 30, 2013 compared to $9.993 billion at the end of 2012. Meanwhile assets in cash and cash equivalent reached 1.386 billion compared to $1.25 billion.
Liabilities decreased from $4.728 billion as of December 31, 2012 to $4.238 billion as of June 30, 2013.
The company said the decision to dispose of ENRC has led to an impairment of $823million. Moreover an operational review has led to the recognition of impairments on several operational assets totalling $146 million. In addition, an $84 million charge has been recognised for future liabilities on disability benefits payments which were previously insured.
Kazakhmys is a leading international natural resources group with significant interests in copper, gold, zinc, silver and power generation. It is the largest copper producer in Kazakhstan and one of the top worldwide with 17 operating mines, 10 concentrators and two copper smelters.