December 4, 2017 / 7:29 AM / a year ago

Russia's En+ third-quarter net profit up 43 percent year-on-year to $350 million

MOSCOW (Reuters) - Russia’s En+ Group (ENPLq.L), which manages businessman Oleg Deripaska’s aluminium and hydropower businesses, said on Monday its third-quarter net profit rose 43 percent year-on-year to $350 million (260.7 million pounds) helped by higher aluminium prices.

En+ Group, the largest shareholder of Russian aluminium giant Rusal (0486.HK), raised $1.5 billion in an initial public offering (IPO) in November. Trading firm Glencore (GLEN.L) plans to swap its 8.75 percent stake in Rusal for shares in En+.

“These results have enabled us to make progress towards our strategic objective of deleveraging,” Maxim Sokov, En+ chief executive, said in a statement.

The group’s net debt was $13.1 billion at the end of September, down 5 percent compared with the end of June.

En+ spent the proceeds from the IPO on deleveraging, and repaid a $942 million loan to the country’s second-largest lender VTB (VTBR.MM) in November ahead of schedule.

En+ said its third-quarter revenue was up 17 percent to $2.9 billion, while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 41 percent to $803 million.

During En+’s IPO, AnAn, a partner of China’s CEFC, purchased 6.2 percent of En+’s shares and was entitled to appoint one member to En+’s board of directors.

En+ said on Monday that Guang Ming Zhao, AnAn International Limited chief executive, was appointed a non-executive director. The said an additional independent non-executive director would be appointed to its board in the near term.

En+ priced its IPO at $14 per global depositary receipt (GDR), at the bottom of the expected range. On Friday, its GDR closed at $12.8.

Reporting by Polina Devitt; Editing by Maria Kiselyova and Edmund Blair

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