Magnitogorsk Iron and Steel Works (OJSC “MMK”) announces $147 mln first half net profit, Magnitogorsk Iron and Steel Works

Release Date: 2010-09-16

MMK leadership in the Russian steel market secured efficient performance in Q2 2010: MMK Group sales grew to USD 2.068 mln, consolidated EBITDA amounted to USD 437 mln, profit for the period excluding one-off factors amounted to USD 122 mln (including one-off factors – USD 53 mln).
Net profit in the second quarter, excluding one-off factors, rose 30 percent on the first quarter of 2010 to $122 million. However, considering one-off factors such as exchange rates differences and doubtful receivables, MMK's second quarter profit amounted to $53 million.

The company's first half revenue rose by 90 percent to $3.72 billion, including a second quarter revenue of $2.07 billion.

First half EBITDA rose 17 percent to $437 million, EBITDA margin amounted to 21.1 percent.

MMK's total debt amounted to $2.88 billion, which it claimed was the lowest in the industry.
Type: NORMAL
Company: Magnitogorsk Iron and Steel Works
Country: Russian Federation
 
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