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PrintChile’s Molymet has reported net profit up by 17.4% in the first half of the year and cited higher molybdenum prices as the main reason for the increase.
Molymet’s profits in H1 2011 were $61 million, in comparison with $52 million registered in the corresponding period of 2010.
The average price for molybdenum reached $16.23 per lb in the January-June 2011 period, up from $14.61 per lb in H1 last year.
Molymet’s consolidated sales revenues increased by 11% to $684.5 million.
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) went up by 22.7% to $95.7 million.
The world’s largest molybdenum converter, Molymet said its consolidated net debt decreased from $201.4 million at the end of June 2010 to $103.6 million as of June this year.
Its cash position was boosted from $125.8 to $587.7 million
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