27th Aug 2021 09:07
(Alliance News) - Petropavlovsk PLC investee IRC Ltd on Friday posted a sharp rise in first-half earnings.
Petropavlovsk has just over a 31% stake in the iron ore miner, which predominantly operates in the Russian Far East region and in China.
IRC's revenue in the six months ended June 30 more than doubled to USD217.2 million from USD106.2 million a year earlier.
Profit attributable to owners of the company jumped to USD98.3 million from USD5.9 million.
"Taking advantage of the strong iron ore price environment, revenue has more than doubled and profit reached a new high of USD98 million," IRC Chair Peter Hambro said.
Shares in the company were 0.4% lower at 20.36 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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