Nizhneserginskiy plant’s net loss stems from debts, NLMK says

6 August 2010 (08:49)

The net loss of Nizhneserginskiy metal goods plant (the asset of Novolipetsk Iron & Steel Works/LNMK) reached 673.384 million RUR in the second quarter of 2010, the company’s financial report (compiled in accordance with the Russian Accounting Standards) states.

A quarter earlier, the plant’s net loss came to 1,264,313,000 RUR.

‘The company’s net loss is still the result of overwhelming debt burden,’ NLMK reports.

At the same time, the metal goods plant could build up on sales volumes and average prices due to the seasonal surge in demand. This, in its turn, was the cause of a 47% increase in revenues in the second quarter of the year compared with the previous quarter.

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