15th Mar 2016 07:50
LONDON (Alliance News) - Evraz PLC on Tuesday said its loss narrowed in 2015 despite revenue falling, as the miner and steel-maker said it has made a series of cuts to its capital expenditure and operating costs to try to cushion the blow of lower commodity prices and demand.
Evraz said its pretax loss amounted to USD707.0 million in 2015, which is considerably narrower than the USD1.08 billion loss booked in 2014, despite revenue falling to USD8.55 billion from USD12.74 billion.
Evraz said the fall in revenue was down to "falling prices and depressed demand".
Helping offset the revenue decline in 2015 was a much-smaller loss on foreign exchange, which totalled USD367.0 million compared to USD1.00 billion in 2014, alongside a fall in impairment charges and lower administrative expenses.
Evraz slashed spending and costs in the year, with capital expenditure down 35% to USD428.0 million in 2015 from USD654.0 million a year earlier. Evraz said it also made USD374.0 million in operating cost savings in the year.
That allowed the company to reduce its net debt to USD5.34 billion at the end of the year from the USD5.81 billion at the end of 2014.
Evraz doesn't pay a dividend.
By Joshua Warner; [email protected]; @JoshAlliance
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