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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Ferrochrome producer ENRC posted a strong set of half-year figures and said it expected higher commodity prices to hold despite the macroeconomic uncertainties.

Pre-tax profit surged 249.1% to $2.04bn on revenue that increased 86% to $3.4bn. A maiden interim dividend of 12 cents per share was announced and the group said going forward it anticipates a payout range of approximately 15%-20% of earnings.

The group said record ferroalloys prices expected to hold and iron ore price contract uplift secure, though it did warn against continued cost pressures through the second half of 2008.

“Despite macroeconomic uncertainties, we expect higher commodity prices to hold. We anticipate a very strong performance from the group in the second half of 2008,” said the group.

The record performance of the first half of 2008 was underpinned by strong commodity prices and also reflected the growth of the business, it said.

ENRC also said it is not in the interest of shareholders that Kazakhmys, which is the group’s largest shareholder with 25% of its holding, should have a seat on the board of ENRC.

“Kazakhmys is now our largest shareholder with a 25% holding but, as a competitor for resources in Kazakhstan, we do not believe that it is in the interest of all shareholders that Kazakhmys should have a seat on the Board of ENRC, and hence have any significant influence in ENRC's strategic or operating decision making process,” it said.

• News Channel