MMK’s net profit goes up 6 times

13 August 2015 (09:07)

UrBC, Magnitogorsk, Chelyabinsk Region, August 13, 2015. Magnitogorsk Iron & Steel Works’ (MMK) net profit (calculated in accordance with the IAS) rose by nearly six times in the first half of 2015 compared to a year earlier and amounted to$468m, the company reports.

The company’s revenues shrank by 22.8%, down to $3.2m. The decrease mainly had to do with the average price of 1,000 kg of steel going down by 16.1%, down to $94.

The EBITDA came to $963m in the six months of 2015, up 39% on a year earlier, with a 30.5% EBITDA margin.

‘We expect the demand for our produce to go up in early Q3’15 due to the later-than-usual seasonal increase in the demand for building materials; this, in its turn, means we’ll make more sales in the third quarter,’ MMK report states.

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