Russian steel giant MMK posts $110 mln loss in 1Q09
13:41, 11 June 2009
MOSCOW. June 11. KAZINFORM The Magnitogorsk Iron and Steel Works (MMK) announced on Thursday a $110 million net consolidated loss calculated to International Financial Reporting Standards (IFRS) for the first quarter of 2009; Kazinform refers to RIA Novosti.
MMK reported a 17% drop year-on-year in its net profit under International Financial Reporting Standards to $1.08 billion in 2008.
The company's revenue more than halved to $965 million in January-March 2009, and EBITDA (earnings before interest, taxes, depreciation and amortization) stood at $99 million.
Domestic sales in January-March 2009 reached 1.1 million metric tons, or 58% of total sales, while Russian and CIS sales brought the company 65% of revenue in monetary terms in the reporting period; Kazinform cites RIA Novosti.