IRC (01029) announced its interim results for the six months ended June 30, 2025. The group achieved revenue of US$123 million, representing a 9.3% year-on-year increase. However, the loss attributable to owners reached US$102 million, surging 670.2% compared to the same period last year. The adjusted basic loss was US$2.98 million, down 72.5% year-on-year.

Iron Ore Holdings Chairman Nikolai Levitskii commented on the results: "This half-year has been both a period of transformation and challenge. While we have made significant operational improvements, external market conditions continue to test our resilience. The successful mining operations at the Sutara mine have brought tremendous change to Iron Ore Holdings, marking a watershed moment as the significant improvement in ore quality from this mine has enabled K&S to increase production. Although we have made substantial operational progress with increased sales volumes, our financial performance has been adversely affected by challenging external market conditions: declining iron ore prices and ruble appreciation. These external factors have largely offset our sales volume growth. Additionally, we recorded a non-cash impairment charge on our book value of K&S, primarily due to the impact of ruble appreciation. It should be noted that these market conditions mask what should have been a significantly improved financial performance, as evidenced by our operational achievements. Our core business foundation remains solid, positioning us well to improve performance when these external pressures ease. We continue to operate in a complex and rapidly changing environment. Our focus remains on controlling what we can control - improving operational efficiency, maintaining financial flexibility and liquidity, and preparing the business to benefit when markets eventually recover. While 2025 presents significant challenges, we remain confident in our assets, our team, and our ability to create value."