MMK posts 2Q 2009 Net Profit of $59 million
Published: 10 September, 2009, 11:01
TAGS: Markets, Corporate Results, Russia and the global economy, Economy
Russian Steelmaker, Magnitogorsk Iron and Steel or MMK, has posted a 2Q 2009 Net profit of $59 million under IFRS.
The bottom line shows a sharp quarter on quarter turnaround from the $110 million loss posted for 1Q 2009, with EBITDA more than doubling over the quarter to $207 million, as Sales rose 73% quarter on quarter to $1.038 billion.
The 2Q turnaround couldn’t prevent MMK from posting a 1H 2009 Net Loss of $51 million, after posting a Net Profit of $816 million over the same period in 2008, as 1H Revenues fell to $2.003 billion, from $5.653 billion in 2008.
More positively the company noted a 2Q increase in sales of higher value products, and a sharp reduction in Net Debt to $865 million. It says it is expecting a 35% increase in production during 3Q with domestic sales expected to jump 30%, as it retains a focus on higher value added production.
10.09.2009, 10:40
Sberbank posts 1H 2009 Net Profit of 6 billion RoublesRussia’s largest bank, Sberbank, has posted a 1H 2009 Net profit of 6 billion Roubles under IFRS. |
10.09.2009, 12:48
Graduating to an economic downturnFor the first time in a decade Graduates from the Russian tertiary education sector are coming into an uncertain economy. That’s leading to changes for employers and prospective employees. |
