ENRC falls into red as impairments bite

CENTRAL Asian miner Eurasian Natural Resources (ENRC) slumped to a full-year loss yesterday as it was dragged down by a massive impairment charge.

The 2012 pre-tax loss was logged at $550m (£362m), down from a profit of $2.8bn the year previously, on revenues 18 per cent lower at $6.3bn. ENRC recorded impairment costs of $1.5bn for the year, primarily related to weak aluminium prices, troubles in platinum and the impact of reshuffling operations in the Congo. As a result, the FTSE miner scrapped its full-year dividend.