NLMK’s net profit plunges 70%

The net profit of Novolipetsk Iron & Steel Works (NLMK) dropped by 70% in the fourth quarter of 2010 in comparison with the previous quarter; however, the net profit for the entire year 2010 rose by 35%, the company’s financial report (drawn up in accordance with the Russian Accounting Standards) says.

In the fourth quarter of the year, the profit came to 4.2bn RUR, whereas in the third quarter, the figures reached 13.8bn RUR. In 2010, NLMK’s net profit amounted to 32.38bn RUR.

‘The decrease in the fourth quarter’s net profit was mainly brought about by some incidental factors, including the need to provide for the assessed reserves at the end of the year. Last year’s net profit rose thanks to our improved core business results,’ NLMK reports.

Other materials on the topic::