Northern Iron Ore increases net income by 2x y-o-y in 1H11

Northern Iron Ore (UX: SGOK UK) boosted its net income by 97.3% y-o-y to UAH 3.1 bln in 1H11, Interfax reported yesterday, citing a company filing. Net revenues rose 46.1% y-o-y to UAH 7.2 bln, while profit-before-tax increased by 85.8% y-o-y to UAH 4.1 bln. In terms of output, according to figures released earlier this month, Northern Iron Ore’s production of pellets decreased 1.9% y-o-y to 5,958 ths mt and of concentrate dropped 3.3% y-o-y to 8,237 ths mt.