UPDATE 1-Kazatomprom reports 3.6% rise in 2020 net income

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ALMATY, March 16 (Reuters) - Kazatomprom , the world’s biggest uranium miner, said on Tuesday its 2020 net income rose to 221.4 billion tenge ($528.62 million) from 213.7 billion tenge in 2019 on the back of stronger uranium prices.

The Kazakhstan-based company said in a statement that it expected to further boost consolidated revenue this year to 620 billion-640 billion tenge from 587.5 billion tenge last year.

Operating profit in 2020 was 223.9 billion tenge, an increase of 47% compared to 2019, which was mainly due to an increase in average realized prices.

Adjusted EBITDA totalled 325.7 billion tenge in 2020, an increase of 31% compared to 2019.

Kazatomprom said it would continue to under-produce this year relative to the amounts allowed by its contracts, a policy aimed at managing global supply and demand balance. ($1 = 418.8300 tenge) (Reporting by Olzhas Auyezov; Editing by Susan Fenton)