ENRC Reports Drop In H1 Profit, Lowers Capital Expenditure

Eurasian Natural Resources PLC EURNY reported a drop in its first-half profit and cut its capital expenditure for this year. ENRC's revenue for the first half of 2012 dropped 19% y/y to $3.25 billion. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 41% to $1.14 billion, versus analysts' estimates of $1.28 billion. ENRC's net profit attributable to shareholders declined 60% to $463 million. It lowered capital expenditure to $2.4 billion, versus $2.7 billion. Eurasian Natural Resources shares closed at $3.25 yesterday.