MMK IFRS net profit soars to $1.5 bln in January–June

MOSCOW, Jul 22 (PRIME) -- The net profit of Russia’s Magnitogorsk Iron and Steel Works (MMK) soared to U.S. $1.508 billion in January–June from $189 million in the same period of 2020, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday.

Revenue increased by 80% to $5.44 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) more than tripled to $2.161 billion.

End